Toromont Industries Ltd., symbol TIH on Toronto, is a distributor of a broad range of Caterpillar and industrial equipment. As well, its CIMCO division makes refrigeration systems.
In the three months ended June 30, 2011, this Canadian stock pick’s revenue rose 9.3% to $344.6 million from $315.3 million a year earlier, due to higher new equipment sales and increased rental revenue.
Earnings per share, excluding one-time items, rose 30.4% to $0.30 from $0.23 on the higher revenues and improved profit margins.
Order bookings were up 15% in the quarter from a year earlier reflecting strength in mining, construction and road building. The company’s total backlog now stands at $335 million, up over 45% from a year ago.
The company has increased its quarterly dividend by 10.0%, to $0.11 a share from $0.10. The shares now yield 2.5%.
Earlier this year, the Canadian stock pick’s shareholders have now approved the spinoff of Enerflex. The new Toromont continues to distribute Caterpillar and industrial equipment; Enerflex will sell natural-gas production and processing equipment.
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