< strong>TOROMONT INDUSTRIES LTD. $25.47 (Toronto symbol TIH; TSINetwork Rating: Extra Risk) (416-667- 5511; www.toromont.com; Shares outstanding: 76.6 million; Market cap: $2.0 billion; Dividend yield: 2.0%) distributes a wide range of industrial equipment, including machinery made by Caterpillar Inc. It also makes refrigeration systems through its CIMCO division.
In the three months ended September 30, 2013, higher equipment sales and rentals, particularly to mining, construction and agriculture customers, pushed up Toromont’s revenue by 20.0%, to $498.3 million from $415.0 million a year earlier.
Earnings per share rose 32.6%, to $0.57 from $0.43, on the higher sales and improved profit margins.
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The company raised its quarterly dividend by 8.3% with the April 2013 payment, to $0.13 a share from $0.12, for a 2.0% annualized yield. The stock trades at 15.3 times Toromont’s forecast 2013 earnings of $1.67 a share.
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Toromont is a buy.
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