Topic: How To Invest

Stock Pickers Digest Hotline – Friday, March 2, 2018

Article Excerpt

TOROMONT INDUSTRIES LTD., $57.94, symbol TIH on Toronto, distributes a range of industrial equipment, including machinery made by Caterpillar Inc. It also makes refrigeration systems through its CIMCO business. In the three months ended December 31, 2017, Toromont’s revenue jumped 67.2%, to $822.8 million from $492.2 million a year earlier. Earnings climbed 29.9%, to $59.1 million, or $0.73 a share, from $45.5 million, or $0.58. Revenue rose due to the company’s acquisition of Hewitt Group. Toromont also saw stronger demand in mining and rentals. In addition, sales of refrigeration systems in Canada and the U.S. were up. The company completed its acquisition of privately held Hewitt Group in October 2017. Hewitt is the exclusive distributor of Caterpillar equipment in Quebec and Atlantic Canada. The new operations complement Toromont’s existing Caterpillar branches in Ontario, Manitoba and Nunavut. As well, buying Hewitt will help the company profit from new mining and infrastructure projects in Quebec. Toromont has raised its dividend every year for 29 years. In April…

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