Toromont Grows Rental Revenue 15 Percent in the Second Quarter

Toromont Industries, owner of one of the world’s largest Caterpillar dealers, reported CDN $1,376.5 million in revenue in the second quarter of 2025, compared to $1,359.9 in the second quarter of 2024, a 1.2-percent increase. For the first six months of the year, revenue reached $2,466.1 million compared to $2,376.2 million a year ago, a 3.8-percent hike.

Rental revenue increased 15 percent, with improved utilization, and a higher rental with purchase option fleet. New equipment sales decreased 5 percent, because of lower mining deliveries, partially offset by increases in the construction and power systems markets, which includes the acquired AVL business.

“Our team delivered resilient results in the second quarter while continuing to navigate macroeconomic and international trade uncertainties,” said Michael McMillan, president and CEO of Toromont Industries. “Our disciplined approach remains unchanged and we continue to invest in our people and capabilities to support our customers today and into the future. Revenue increased overall, while net income was slightly lower, reflecting reduced interest income and short-term non-cash costs related to the AVL acquisition.

“The Equipment Group performed well with improving growth rental and product support activity and new equipment deliveries in the construction and power segments. These were offset by lower equipment deliveries in the mining segment as expected, which tends to be more variable.”

Bookings Jump in Material Handling, Power Systems  
Bookings in the second quarter were $637.8 million, an increase of 5 percent from the comparable period last year, as improved bookings in construction, power systems and material handling were partially offset by lower mining orders. Year-to-date bookings were $1.1 billion, an increase of 1 percent from the similar period last year. Bookings increased in construction (+9 percent), material handling (+45 percent) and in power systems (+94 percent), reflecting strong execution and the acquired business. Mining orders were lower against a strong comparable last year (lower by 47 percent). 

"We continue to monitor the economic and political environment in which we operate and focus on operating disciplines, including expense management and balance sheet optimization," said John Doolittle, executive vice president and chief financial officer of Toromont Industries Ltd. "The ongoing trade tensions create additional variability and uncertainty 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 cost structure, while we invest in capacity and capabilities to provide exceptional service to our customers today and in the future.

"The strong order backlog and operating disciplines, along with our strong balance sheet, position us well for the future.”

Toromont Cat is No. 14 on the RER 100.