TOROMONT INDUSTRIES LTD. $31.87 (Toronto symbol TIH; TSINetwork Rating: Extra Risk) (416-667- 5511; www.toromont.com; Shares outstanding: 77.5 million; Market cap: $2.5 billion; Dividend yield: 2.1%) 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 2011. Shareholders received shares of both the new Toromont Industries and Enerflex.
In the three months ended March 31, 2015, revenue rose 9.1%, to $340.2 million from $311.7 million a year earlier. Earnings gained 8.1%, to $20.1 million, or $0.26 a share, from $18.6 million or $0.24. The first quarter is typically Toromont’s slowest because of winter shutdowns in the construction industry.
The company saw stronger demand from customers in construction and agriculture than a year ago, which offset continued weak mining sales. It also cut costs.
26th straight dividend hike
Toromont’s financial position is strong: its $130.9 million of debt represents just 5.2% of its market cap. It also raised its quarterly dividend by 13.3% with the April 2015 payment, to $0.17 a share from $0.15. The stock now yields 2.1%. Toromont has raised its dividend every year for 26 years.
The company’s results will move even higher when an improving global economy fuels demand from mining customers. But meanwhile, it’s benefiting from steady construction and power markets. The stock trades at 17.5 times Toromont’s forecast 2015 earnings of $1.80 a share.
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