TOROMONT INDUSTRIES LTD. $31.01 (Toronto symbol TIH; TSINetwork Rating: Extra Risk) (416-667- 5511; www.toromont.com; Shares outstanding: 77.9 million; Market cap: $2.3 billion; Dividend yield: 2.3%) distributes a broad range of industrial equipment, including machinery made by Caterpillar Inc. It also makes refrigeration systems through its CIMCO division.
In the three months ended December 31, 2015, Toromont’s sales rose 1.4%, to $472.0 million from $465.7 million a year earlier. Earnings per share fell 3.4%, to $0.57 from $0.59.
Toromont saw weaker demand from its mining customers. That offset gains in agriculture and construction The company had to cut its prices to compete, and that hurt its profit margins and earnings.
Toromont’s financial position is strong: it holds cash of $66.7 million, or $0.86 a share, and its $153.8 million of debt represents just 6.7% of its market cap.
The company is raising its quarterly dividend by 5.9% with the April 2016 payment. Investors will now receive $0.18 a share instead of $0.17. The stock yields 2.3%. Toromont last raised its dividend in April 2015, by 13.3%, to $0.17 from $0.15. The company has raised its dividend every year for 27 years.
Toromont’s results will move higher when an improved global economy fuels demand from mining customers. Meanwhile, it’s benefiting from steady agriculture, construction and power markets. The stock trades at 16.2 times Toromont’s forecast 2016 earnings of $1.92 a share.
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