Caterpillar Dealer Toromont Posts 67.2-Percent Fourth Quarter Revenue Boost
Toromont Industries, owner of one of the world’s largest Caterpillar dealers, posted CDN $822.8 in fourth quarter revenue compared to $492.2 million in the fourth quarter of 2016, a 67.2-percent increase. For the full year, Toromont reported $2,350.2 million compared to $1,912 million a year ago, a 22.9-percent hike.
Toromont includes two business segments – the far larger Equipment Group and CIMCO, a refrigeration systems group. The Equipment Group includes a Caterpillar dealership that covers the Canadian provinces of Newfoundland and Labrador, Nova Scotia, New Brunswick, Prince Edward Island, Quebec, Ontario and Manitoba, and most of the territory of Nunavut.
“Toromont delivered strong results for the fourth quarter and full year of 2017, with solid organic growth in the Equipment Group and CIMCO, coupled with two months of operations at our acquired businesses,” said Scott Medhurst, president and CEO, Toromont Industries. “The Equipment Group executed well, and CIMCO had another record year, a testament to the team’s dedication and commitment to excellence during a period of elevated focus on completing the Hewitt acquisition. Entering 2018, the company, supported by a strong balance sheet, is well positioned to continue to build value for shareholders.”
Toromont completed the acquisition of businesses and net operating assets on Oct. 27, 2017, for a total purchase price of $1.02 billion. The acquisition strengthens Toromont’s position and provides significant opportunity for profitable growth and expanded market diversification. Also, Toromont became the authorize Caterpillar dealer for Quebec, Western Labrador and the Maritimes, the Caterpillar lift truck dealer for Quebec and most of Ontario and the Mark engine dealer for Quebec, the Maritimes and the eastern seaboard of the United States from Maine to Virginia.
Toromont also includes Battlefield Equipment Rentals, one of Canada’s top equipment rental companies, No. 18 on the RER 100.
