Toromont Announces Results for the Third Quarter of 2013 and Regular Quarterly Dividend
(firmenpresse) - TORONTO, ONTARIO -- (Marketwired) -- 11/04/13 -- Toromont Industries Ltd. (TSX: TIH) today reported financial results for the third quarter ended September 30, 2013. For the quarter, revenues increased 20% and net earnings were 34% higher compared to the same period last year.
"We are very pleased with results through September 2013. We booked and delivered a significant package of equipment to support the Baffinland Iron Ore mining project in Nunavut, a testament to our strong product offering, service capability and diversity. While the equipment and power industries are down in our territory, we have improved our market share. Our continued strength in product support and rentals supports our market position and profitability," said Scott J. Medhurst, President and Chief Executive Officer of Toromont Industries Ltd. "CIMCO also achieved record revenues for this time of year. Continued attention to project execution and expanding product support are key focus areas for growth and profitability."
Highlights:
"We continue to see stronger competitive conditions in equipment markets due to ongoing global excess inventories and decreased industry opportunities, evidenced by gross margin pressures in the traditional construction markets. Bookings excluding the Baffinland package are up 1% year-to-date, with good activity in construction markets largely offset by declines in power systems. Total backlogs are 30% lower than this time last year. At CIMCO, Canadian recreational bookings recovered to more normal levels although industrial bookings were lower year-over-year. Order backlog position at CIMCO bodes well for its performance this year," continued Mr. Medhurst. "Across all of our operations, execution remains strong and we are focused on cost control initiatives."
Quarterly Results Materials
The complete third quarter report for 2013, including MD&A and unaudited interim condensed financial statements, is available on our website at .
Quarterly Conference Call and Webcast
Interested parties are invited to join the quarterly conference call with investment analysts, in listen-only mode, on Tuesday, November 5, 2013 at 8:00 a.m. (ET). The call may be accessed by telephone at 1-866-223-7781 (toll free) or 416-340-2216 (Toronto area). A replay of the conference call will be available until Tuesday, November 19, 2013 by calling 1-800-408-3053 or 905-694-9451 and quoting passcode 7809226.
Both the live webcast and the replay of the quarterly conference call can be accessed at .
Advisory
Information in this press release that is not a historical fact is "forward-looking information". Words such as "plans", "intends", "outlook", "expects", "anticipates", "estimates", "believes", "likely", "should", "could", "will", "may" and similar expressions are intended to identify statements containing forward-looking information. Forward-looking information in this press release is based on current objectives, strategies, expectations and assumptions which management considers appropriate and reasonable at the time including, but not limited to, general economic and industry growth rates, commodity prices, currency exchange and interest rates, competitive intensity and shareholder and regulatory approvals.
By its nature, forward-looking information is subject to risks and uncertainties which may be beyond the ability of Toromont to control or predict. The actual results, performance or achievements of Toromont could differ materially from those expressed or implied by forward-looking information. Factors that could cause actual results, performance, achievements or events to differ from current expectations include, among others, risks and uncertainties related to: business cycles, including general economic conditions in the countries in which Toromont operates; commodity price changes, including changes in the price of precious and base metals; changes in foreign exchange rates, including the Cdn$/US$ exchange rate; the termination of distribution or original equipment manufacturer agreements; equipment product acceptance and availability of supply; increased competition; credit of third parties; additional costs associated with warranties and maintenance contracts; changes in interest rates; the availability of financing; and, environmental regulation.
Any of the above mentioned risks and uncertainties could cause or contribute to actual results that are materially different from those expressed or implied in the forward-looking information and statements included in this press release. For a further description of certain risks and uncertainties and other factors that could cause or contribute to actual results that are materially different, see the risks and uncertainties set out in the "Risks and Risk Management" and "Outlook" sections of Toromont's most recent annual or interim Management Discussion and Analysis, as filed with Canadian securities regulators at and may also be found at . Other factors, risks and uncertainties not presently known to Toromont or that Toromont currently believes are not material could also cause actual results or events to differ materially from those expressed or implied by statements containing forward-looking information.
Readers are cautioned not to place undue reliance on statements containing forward-looking information that are included in this press release, which are made as of the date of this press release, and not to use such information for anything other than their intended purpose. Toromont disclaims any obligation or intention to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as required by applicable securities legislation.
About Toromont
Toromont Industries Ltd. operates through two business segments: The Equipment Group and CIMCO. The Equipment Group includes one of the larger Caterpillar dealerships by revenue and geographic territory in addition to industry leading rental operations. CIMCO is a market leader in the design, engineering, fabrication and installation of industrial and recreational refrigeration systems. Both segments offer comprehensive product support capabilities. This press release and more information about Toromont Industries can be found at .
Contacts:
Toromont Industries Ltd.
Paul R. Jewer
Executive Vice President and Chief Financial Officer
(416) 667-5638
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Datum: 04.11.2013 - 21:35 Uhr
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