Toromont Industries, parent company to Toromont Cat, one of the world’s largest Caterpillar dealerships, posted $1,175 million in second quarter 2023 revenue, compared to $1,053.7 million in the second quarter of 2022, an 11.5-percent increase. Net earnings for the quarter were $139 million, compared to $111.7 million in the second quarter of 2022, a 24.4-percent increase. Operating income for the quarter was $178.8 million compared to $155.7 for the second quarter of 2022, a 14.8-percent hike.
“We are pleased with the operating and financial performance through the first half of the year,” said Scott Medhurst, president and CEO of Toromont Industries Ltd. “The Equipment Group executed well, delivering on several large customer orders, as well as growing rental and product support results. CIMCO revenue and bottom line improved in the quarter on project construction and higher product support activity. Across the organization, we continue to navigate through economic conditions and remain committed to our operating disciplines, driving our after-market strategies and delivering customer solutions.”
Rental revenue grew 7 percent for the quarter on a larger fleet and higher activity levels.
In the Equipment Group, revenue rose $104.2 million or 11 percent to $1.1 billion for the quarter. Equipment sales (up 10 percent) improved across most markets. New equipment sales increased 16 percent on delivery against the opening order backlog, reflecting improving inventory supply and customer delivery schedules. Rental revenue continued to grow on higher market activity, good execution and an expanded heavy and light equipment fleet. Product support had strong activity, up in both parts and service, on increased technician levels.
Toromont Industry is based in Toronto. Toromont Caterpillar’s head office is in Concord, Ontario. Toromont is the Caterpillar dealer for Ontario, Manitoba, Quebec, New Brunswick, Nova Scotia, Prince Edward Island, Newfoundland and Labrador, and Nunavut.
Toromont Cat is No. 14 on the RER 100.
