Toromont posts solid Q1 results
By Andrew Macklin
April 23, 2015 – Toromont has posted solid gains in the first quarter of 2015 as compared to the same quarter of last year, with revenues jumping nine per cent year over year.
Net earnings increased eight per cent to $20.1 million on higher revenues, an increasing proportion of which came from product support, partially offset by higher selling and administrative expense levels. Earnings per share (basic) increased eight per cent or $0.02 to $0.26 in the quarter.
Equipment Group revenues were $296.7 million for the quarter, up 12 per cent from 2014 on higher equipment sales and strong product support revenues. Operating income increased 14 per cent compared to last year, reflecting the higher revenues.
Equipment Group backlogs were $140 million at March 31, 2015 compared to $102 million at December 31, 2014 and $134 million at this time last year. Substantially the entire backlog is expected to be delivered this year. Bookings increased $15 million, or 10 percent, to $164 million compared to the same period last year.
Toromont’s financial position remains strong. Total debt, net of cash, to total capitalization was 11 per cent, well within stated capital targets.