TOROMONT INDUSTRIES LTD. $40.85 (Toronto symbol TIH; TSINetwork Rating: Extra Risk) (416-667-5511; www.toromont.com; Shares outstanding: 78.3 million; Market cap: $3.1 billion; Dividend yield: 1.8%) distributes a broad range of industrial equipment, including machinery made by Caterpillar Inc. It also makes refrigeration systems through its CIMCO division.
In the quarter ended September 30, 2016, Toromont’s revenue fell 1.4%, to $498.3 million from $505.6 million a year earlier. Excluding one-time items, earnings per share fell 5.2%, to $0.55 from $0.58.
Revenue and profits fell because strong sales of refrigeration systems in Canada and the U.S. failed to offset lower heavy equipment rentals and maintenance services.
Delays in government infrastructure spending have also hurt equipment sales and rentals. The slowdown in Western Canada has increased competition and lowered rental and sales prices.
Solid balance sheet, steady dividends
The company’s financial position is strong: it holds cash of $110.4 million, or $1.41 a share, and its $150.6 million debt represents just 4.9% of its market cap.
Toromont has raised…
Privacy Policy and Terms of Use
The Successful Investor Inc. and its affiliate Successful Investor Wealth Management (referred to hereafter as TSI Network) know that you care how information about you is used and shared, and we appreciate your trust that we will do so carefully and sensibly. This notice describes our privacy policy. By visiting websites owned by or associated with TSI Network, you are accepting the practices described in this Privacy Policy.
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We do not collect or disclose personal information, except when it is provided to us voluntarily by the site/store visitor with their consent.
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We are continuously in the process of improving our sites and services. If any new features or policies require a change to this current policy, we will post a clear notice of this change on pages of our site where the privacy policy appears. The principle behind this privacy policy is to collect information with your knowledge and consent.
What personal information do we collect?
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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Does TSI Network Use the Information It Receives?
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Changes to this Policy
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