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Heavy Equipment
July 28, 2008
Toromont earnings rise in second quarter, despite strong Canadian dollar
TORONTO
Toromont Industries Ltd. has reported second-quarter earnings of $37.8 million, down slightly from $38.1 million last year as lower gains on investments offset strong operating results.
The heavy-equipment dealer and gas-compression system provider said revenues increased 15 per cent to $536.5 million from $465.5 million in the same quarter last year, boosted by its compression group, which posted record results on continued strength in U.S. natural gas operations.
“The compression group had a terrific quarter with excellent growth in U.S. operations supported by strong market fundamentals,” stated CEO Robert Ogilvie.
“The equipment group continues to perform well despite the stronger Canadian dollar and softer market conditions in some areas. Strong deliveries of new equipment to the mining and infrastructure markets continue to generally outweigh pockets of weakness.”
Canadian Press
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