Toromont Industries’ Equipment Group, which is one of the world’s largest Caterpillar dealers plus Battlefield Equipment, a top 20 equipment rental company, posted a 16-percent increase in revenue in the second quarter, with CDN $427.6 million (about U.S. $328 million) on strong equipment sales, product support and rental activity. For the first six months of 2015, the group rose revenue 15 percent to $724.2 million. Equipment sales jumped 14 percent, largely because of good construction, power systems and agriculture deliveries, offset by reduced mining sales.
“In a relatively competitive market environment, we delivered strong results in the second quarter,” said Scott Medhurst, president and CEO. “The Equipment Group experienced an active construction market combined with very strong product support growth. Construction activity has been healthy and the roster of projects is expected to continue. However, heightened competitive conditions, a tight pricing environment, challenges within the mining industry, stagnant economic growth and a weaker Canadian dollar are all expected to impact customers.”
Toromont also owns CIMCO, an industrial and recreational refrigeration systems business, which fared well in the first half of 2015.
Based in Concord, Ontario, Toromont operates in Ontario, Manitoba, Newfoundland, and most of Labrador and Nunavut. Its marine engines division also operates in the Great Lakes region in the United States. Its equipment rental division, Battlefield Equipment, is based in Stoney Creek, Ontario, and is No. 19 on the RER 100.