Toromont Announces 2013 Results and 15% Increase in Quarterly Dividend

TORONTO, ONTARIO – Feb. 10, 2014 – Toromont Industries Ltd. (TSX:TIH) today reported financial results for the three and twelve-month periods ended December 31, 2013.

Toromont reported increased revenues and earnings for the year ended December 31, 2013. The Equipment Group continued to increase its revenues and earnings through strength in product support, introduction of broader product lines and capitalizing on large project opportunities. CIMCO business operations achieved best-ever project and product support revenues for 2013.

Revenues and earnings for the fourth quarter of 2013 were lower than the comparable period in 2012. This is substantially due to the completion of significant deliveries in 2012 setting up tough comparators, combined with the challenging market conditions outlined in the Company’s third quarter outlook statement.

“We are pleased with our overall performance for the year, with increased revenue and operating income in both groups. Toromont is well-positioned with the people, resources and capabilities to serve the significant projects that have arisen in our markets. These projects have contributed to our growth, although they add a degree of quarter-to-quarter variability,” said Scott J. Medhurst, President and Chief Executive Officer of Toromont Industries Ltd. “Construction unit sales improved and our installed base of equipment continued to increase in 2013. Our focus on product support together with improved project execution in our power systems division, also contributed to growth in earnings of 3% over excellent results in 2012.”

Read more: http://www.toromont.com/newsdetails.asp?ReleaseID=824617