TOROMONT INDUSTRIES LTD. $30.49 (Toronto symbol TIH; TSINetwork Rating: Extra Risk) (416-667-5511; www.toromont.com; Shares outstanding: 76.9 million; Market cap: $2.3 billion; Dividend yield: 2.1%) has two divisions: the equipment group and the compression group.
In the three months ended December 31, 2010, Toromont’s revenue jumped 56.7%, to $709.7 million from $452.8 million a year earlier. The increase was mostly due to its January 2010 purchase of Enerflex Systems Income Fund for $700 million. Enerflex brought new oil and gas compression customers to Toromont. It also expanded Toromont’s international presence.
Even so, the company’s earnings per share fell 2.1%, to $0.47 from $0.48. The cost of integrating Enerflex held back earnings.
Toromont’s order backlogs are rising: the compression group’s backlog is up 137% from the end of 2009, and the equipment group’s backlog is up 133%.
Breakup is still in the works
Toromont still plans to break up into two publicly traded companies: Toromont, a distributor of Caterpillar and industrial equipment; and Enerflex, a supplier of…
Privacy Policy and Terms of Use
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The information we receive from customers helps us personalize and continually improve your online experience at TSI Network. TSI Network may collect personal information online for all legal purposes, which include, but are not limited to:
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Changes to this Policy
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