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Toromont Industries reports Q1 profit and revenue up from year ago

TORONTO – Toromont Industries Ltd. (TSX:TIH) said Wednesday it earned $17.8 million in its latest quarter, up from $17 million a year ago, as revenue improved 11 per cent.

The heavy equipment dealer said the profit amounted to 23 cents per share for the quarter ended March 31 compared with a profit of 22 cents per share a year ago.

Revenue grew to $313.1 million, up from $281.5 million.

Toromont said revenue from its equipment group totalled $267 million, up nine per cent from a year ago on new equipment sales, product support and rentals.

The company’s CIMCO refrigeration business saw revenue gain 30 per cent compared with a year ago to bring in $46 million in sales for the quarter.

“We are encouraged with the results for the first quarter of the year, our best ever first quarter. Activity levels and sentiment in the core construction markets, rental segments and improved performance at Power Systems were healthy,” chief executive Scott Medhurst said in a statement.

“In the short term, mining will not repeat the substantial contribution to results achieved last year, however growing product support and rental activity are expected to provide a measure of counter balance. At CIMCO, recreational bookings recovered to more normal levels and the order backlog position bodes well for performance this year.”