TOROMONT INDUSTRIES LTD. $37.38(Toronto symbol TIH; TSINetwork Rating: Extra Risk) (416-667- 5511; www.toromont.com; Shares outstanding: 78.0 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.
In the three months ended March 31, 2016, Toromont’s revenue rose 11.0%, to $377.7 million from $340.2 million a year earlier. Earnings climbed 20.0%, to $24.2 million, or $0.31 a share, from $20.1 million, or $0.26.
Two factors drove those increases: the company’s CIMCO unit sold more refrigeration systems; and Toromont boosted the sale of used equipment to customers in construction and mining. That offset continued weakness in the sale of new heavy machinery.
27th year of dividend increases
The company’s financial position is strong: it holds cash of $60.4 million, or $0.77 a share, and its $151.3 million of debt represents just 5.2% of its market cap.
Toromont has raised its dividend every year for 27 years. In April 2016, it increased that quarterly payment by 5.9%, to $0.18 a share from $0.17. The stock yields 1.9%.
The company’s results will move higher when an improved global economy fuels demand from mining customers. Meanwhile, Toromont gains from steady agriculture, construction and power markets. The stock now trades at 19.5 times the company’s forecast 2016 earnings of $1.92 a share.
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