Toromont Industries Ltd., symbol TIH on Toronto, is a distributor of a broad range of Caterpillar and industrial equipment. As well, its CIMCO division makes refrigeration systems.
In the three months ended June 30, 2011, this Canadian stock pick’s revenue rose 9.3% to $344.6 million from $315.3 million a year earlier, due to higher new equipment sales and increased rental revenue.
Earnings per share, excluding one-time items, rose 30.4% to $0.30 from $0.23 on the higher revenues and improved profit margins.
Order bookings were up 15% in the quarter from a year earlier reflecting strength in mining, construction and road building. The company’s total backlog now stands at $335 million, up over 45% from a year ago.
The company has increased its quarterly dividend by 10.0%, to $0.11 a share from $0.10. The shares now yield 2.5%.
Earlier this year, the Canadian stock pick’s shareholders have now approved the spinoff of Enerflex. The new Toromont continues to distribute Caterpillar and industrial equipment; Enerflex will sell natural-gas production and processing equipment.
You can get our clear buy/sell/hold advice on Toromont and dozens of other Canadian stock picks that may be appropriate for the part of your portfolio you devote to aggressive investing when you subscribe to Stock Pickers Digest. What’s more, you can get the latest issue absolutely free. Click here to learn how.
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Does TSI Network Use the Information It Receives?
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Changes to this Policy
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