TOROMONT INDUSTRIES LTD. $36.75 (Toronto symbol TIH; TSINetwork Rating: Extra Risk) (416-667- 5511; www.toromont.com; Shares outstanding: 77.6 million; Market cap: $2.9 billion; Dividend yield: 1.9%) 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 quarter ended June 30, 2015, Toromont’s revenue rose 16.6%, to $484.5 million from $415.6 million a year earlier. Earnings gained 26.1%, to $36.4 million, or $0.47 a share, from $28.9 million or $0.37.
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.
A long-time dividend payer
Toromont’s financial position is strong: it holds cash of $33.7 million, or $0.43 a share, and its $181.0 million of debt represents just 6.2% of its market cap.
The company 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 1.9%. Toromont has raised its payout every year for 26 years.
The company’s results will move even higher when an improved global economy fuels demand from mining customers. Meanwhile, it’s benefiting from steady construction and power markets. The stock trades at 19.4 times Toromont’s forecast 2015 earnings of $1.89 a share.
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