Toromont, Canadian Cat Dealer, Jumps 15.7 Percent in Second Quarter Revenues
Toromont Industries, owner of one of the world’s largest Caterpillar dealerships, posted CDN $1,359.9 million in revenue for the second quarter of 2024, compared to $1,175.0 million in the second quarter of 2023, a 15.7-percent year-over-year increase. Toromont’s Equipment Group, which is the majority of the company and includes the Caterpillar dealership, rose 15 percent year over year, while its refrigeration group, CIMCO, rose 19 percent.
Higher revenue in the Equipment Group resulted from solid equipment deliveries against order backlog. Product support revenue was healthy while rental revenue declined slightly because of easing market conditions, especially in the light equipment area.
“Results for the second quarter of 2024 improved on a continuing operations basis and are reflective of more normalized supply when compared to the market factors we experienced last year,” said Toromont president and CEO Michael McMillan. “The Equipment Group executed well. Revenue increased year over year with solid deliveries against opening order backlog. Rental markets continued to ease; however product support activity levels remain healthy. Across the organization, we remain focused on our long-term investment strategies and our operating disciplines, driving our after-market strategies and delivering customer solutions.
“In the second quarter, construction and mining markets provided solid equipment ordering and product support activity. Although rental markets have eased through the first half of the year, we remain highly committed to this market for the longer term.”
For the first six months of the year, Toromont’s revenue totaled $2,376.2 million compared to $2,221.3 million in the first six months of 2023, a 7-percent increase.
Toromont Cat, headquartered in Concord, Ontario, Canada, is the Caterpillar dealer for Newfoundland and Labrador, Nova Scotia, New Brunswick, Prince Edward Island, Québec, Ontario and Manitoba, and most of the territory of Nunavut. Toromont Cat is No. 13 on the RER 100.
About the Author
Michael Roth
Editor
Michael Roth has covered the equipment rental industry full time for RER since 1989 and has served as the magazine’s editor in chief since 1994. He has nearly 30 years experience as a professional journalist. Roth has visited hundreds of rental centers and industry manufacturers, written hundreds of feature stories for RER and thousands of news stories for the magazine and its electronic newsletter RER Reports. Roth has interviewed leading executives for most of the industry’s largest rental companies and manufacturers as well as hundreds of smaller independent companies. He has visited with and reported on rental companies and manufacturers in Europe, Central America and Asia as well as Mexico, Canada and the United States. Roth was co-founder of RER Reports, the industry’s first weekly newsletter, which began as a fax newsletter in 1996, and later became an online newsletter. Roth has spoken at conventions sponsored by the American Rental Association, Associated Equipment Distributors, California Rental Association and other industry events and has spoken before industry groups in several countries. He lives and works in Los Angeles when he’s not traveling to cover industry events.