Slight Revenue Decrease for Toromont While Rental Rises in Q3 and Year-to-Date

Toromont Industries, parent company of one of the world’s largest Caterpillar dealers, posted $1,314.9 million in third quarter 2025 revenue compared to $1,338.0 million in the third quarter last year, a 1.7-percent decline.

However, the Equipment Group, which makes up the majority of Toromont’s revenue decreased 4 percent to $1.2 billion for the quarter. New equipment sales dropped 15 percent, mainly because of lower mining deliveries compared to a strong year last year, partially offset by higher power systems revenues, which includes revenue from an acquired business.

Used equipment sales increased 7 percent, largely driven by improved activity in the mining and construction markets. Rental revenue increased 5 percent, with improved utilization and a larger fleet. Product support revenue increased 4 percent in the third quarter on higher parts and service revenue.

For the first nine months of 2024, revenue was $3.4 billion, relatively unchanged for the year-to-date period. Rental revenue increased 10 percent. Product support revenues increased 2 percent.

"Our team delivered solid results in the third quarter, executing effectively despite persistent macroeconomic and trade challenges,” said Michael McMillan, president and CEO of Toromont Industries Ltd. “We remain focused on long-term success, continuing to invest in our people and capabilities to support our customers and drive sustainable growth. Net income rose, aided by a property sale, while underlying earnings reflected growth-related investments, lower net interest income, and short-term non-cash costs from the AVL acquisition. The Equipment Group performed well, with solid activity in rentals, product support, and new equipment deliveries in power systems. As expected, mining deliveries were lower due to the segment’s inherent variability. CIMCO posted higher revenue and earnings, driven by good demand and disciplined execution in both Canada and the U.S."

The Equipment Group includes one of the larger Caterpillar dealerships by revenue and geographic territory, spanning the Canadian provinces of Newfoundland and Labrador, Nova Scotia, New Brunswick, Prince Edward Island, Québec, Ontario and Manitoba, in addition to most of the territory of Nunavut. The Equipment Group includes substantial rental operations, Battlefield Equipment Rental and a complementary material handling business, and is No. 14 on the RER 100.