Canada’s Toromont, one of the world’s largest Caterpillar dealerships, posted $1,061.3 million in revenue in the first quarter of 2023, compared to $860.1 million in the first quarter of 2022, a 23.3-percent hike. Toromont’s Equipment Group, its Caterpillar dealership, jumped 24 percent, with a 33-percent year-over-year boost in equipment sales, a 20-percent uptick in product support revenue, and 6 percent increase in rental.
Rental revenue increased because of higher market activity and an expanded heavy and light equipment fleet.
“We are pleased with the solid start to the year, buoyed in part by a solid opening order backlog,” said Scott Medhurst, president and CEO. “The Equipment Group executed well, delivering on several large customer orders, as well as growing rental and product support results. CIMCO revenue improved in the quarter on project construction and higher product support activity. Across the organization, we remain committed to our operating disciplines, driving our after-market strategies and delivering customer solutions.”
In other Toromont Industries news, CEO Medhurst has announced his intention to retire as CEO, and the company has named Michael McMillan its new president and CEO.
“Following an orderly and comprehensive search process, the board of directors of Toromont unanimously concluded that Mr. McMillan is the ideal candidate to succeed Mr. Medhurst,” said Richard Roy, chairman of the board. “Mr. McMillan joined Toromont in 2020 as executive vice president and chief financial officer, bringing a proven track record for leadership and disciplined execution. He has been a critical partner to Mr. Medhurst and the entire Toromont team, helping to successfully navigate Toromont through these unprecedented recent years. We are confident that Mr. McMillan is the right person to drive continued success for Toromont’s business and stakeholders.
"A search for Mr. McMillan’s successor as CFO is underway and the effective date of his appointment to CEO will be announced at a later date, along with the CFO appointment. Until then, Mr. Medhurst will continue as CEO while he and Mr. McMillan prepare for the transition. Following Mr. McMillan’s appointment as CEO, Mr. Medhurst will stay on as his advisor to help in a smooth changeover.”
Toromont Industries is based in Concord, Ontario, near the Toronto area. Toromont is the Caterpillar dealership for Ontario, Quebec, Manitoba, New Brunswick, Nova Scotia, Prince Edward Island, Newfoundland and Labrador, and Nunavut.
