Toromont’s Equipment Division Jumps 12 Percent in First Quarter
Toromont Industries, which includes one of North America’s largest Caterpillar dealers as well as a refrigeration division, posted a 9-percent year over year first quarter revenue increase from CDN $311.7 million in 2014 to $340.2 million for the first quarter of 2015. The Equipment Group, however, jumped 12 percent to CDN $296.7 million (about U.S. $243.6 million).
Toromont attributed the increase to higher equipment sales and strong product support revenues.
“We delivered growth in a relatively tough market environment,” said Scott Medhurst, president and CEO of Toromont Industries. “Momentum in the Equipment Group continued with increased equipment sales and strong product support levels. In the Equipment Group, heightened competitive conditions are expected to continue throughout the year, particularly in mining markets. We benefit from the diversity of markets we serve, product support growth, and added returns from the expanded investment in the rental fleet.”
Toromont also includes Battlefield Equipment Rental, No. 21 on the RER 100.
