TOROMONT INDUSTRIES LTD. $26.96 (Toronto symbol TIH; TSINetwork Rating: Extra Risk) (416-667-5511; www.toromont.com; Shares outstanding: 76.9 million; Market cap: $2.1 billion; Dividend yield: 2.2%) distributes a broad range of industrial equipment, including machinery made by Caterpillar Inc. It also makes refrigeration systems through its CIMCO division.
The company completed the spinoff of Enerflex Ltd. (see right) in July 2011. Shareholders received shares of both the new Toromont Industries and Enerflex.
In the three months ended March 31, 2014, Toromont’s revenue fell slightly, to $311.7 million from $313.1 million a year earlier.
However, earnings rose 4.4%, to $18.6 million, or $0.24 a share, from $17.8 million, or $0.23. Toromont sold more product-support services, which are more profitable than equipment sales.
Ready for a mining rebound
The company’s financial position is strong: its $130.3 million of long-term debt—down from $169.0 million a year ago—represents just 6.2% of its market cap.
Toromont raised its quarterly dividend by 15.4% with the April 2014 payment, to $0.15 a share from $0.13. The shares now yield 2.2%.
The company needs an improving global economy to fuel demand from its mining customers. But it’s well positioned to profit when those markets rebound. The stock trades at 16.4 times Toromont’s forecast 2014 earnings of $1.64 a share.
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