Canadian Cat Dealer Toromont Increases Revenue 7.2 Percent in First Quarter
Toromont, one of the world’s largest Caterpillar dealers, posted revenues of $1,089.6 million in the first quarter of 2025, compared to $1,016.3 million in the first quarter of 2024, a 7.2-percent increase. The Equipment Group, which is most of the company, rose 7 percent. Growth reflects higher new equipment sales and solid execution against order backlog. Rental revenue improved on higher utilization in a slower market; rental activity increased 11 percent with higher light equipment rentals and rentals with a purchase option. Used equipment sales were lower. Product support revenue decreased in the Equipment group with lower parts demand, partially offset by higher product support at Toromont’s CIMCO division. Moderate growth in technician labor workforce reflects the company’s strategic objectives.
“In a somewhat challenging market, we had consolidated revenue growth of 7 percent overall with growth in both the Equipment Group and CIMCO,” said Michael McMillan, president and CEO of Toromont Industries Ltd. “The Equipment Group executed well with improved new equipment deliveries in construction, mining and power segments. Rental markets improved slightly in the first quarter, reflecting the larger fleet.”
“We continue to be mindful of the variability due to the uncertain economic and political environment and are monitoring and focusing on controllables,” said John Doolittle, executive vice president and chief financial officer of Toromont. “The challenging and changing trade-related announcements between the U.S. and Canada have created additional economic turbulence for every company engaged in cross-border trade. Our team is engaged, monitoring and developing an appropriate action plan to navigate the potential impacts over the short and longer term when details become available. We will maintain our focus on operating and financial disciplines to manage our cust structure, while we invest in capacity and capabilities to provide exceptional service to our customers. The strong order backlog and improved operating disciplines, along with our strong financial position, position us well for the future.”
Toromont Cat, based in Concord, Ontario, is No. 13 on the RER 100.
