Toromont Industries Ltd
TIH
ISIN CA8911021050 / Valor 701863
Toromont Industries Ltd
UMushroom community rating:
About company
Toromont Industries Ltd, listed on the Toronto Stock Exchange under the ticker TIH, is a diversified company specializing in the provision of specialized equipment and comprehensive support services across various essential industries. The company stands out in the market through its offering of leading equipment brands and a broad range of services, including parts supply, service solutions, and remanufacturing capabilities. Toromont's success is attributed to its skilled workforce and a business model that emphasizes corporate values and operational discipline. Serving a wide customer base, the company caters to the needs of industries that require high-quality equipment and reliable support throughout the lifecycle of their products, ensuring customer satisfaction and operational efficiency.
Summarized from source with an LLMView SourceSector: IndustrialsLatest Results (24.12.2024):
Revenue Growth
In the third quarter of 2024, Toromont Industries Ltd. reported a 14% increase in revenue, reaching $1,338.0 million compared to $1,174.0 million in the same period of 2023. This growth was driven by higher revenues in both the Equipment Group and CIMCO, with the Equipment Group experiencing a 14% increase and CIMCO a 17% increase. Year-to-date revenue rose by 9% to $3,714.2 million.
Operating Income Decline
Despite the revenue growth, Toromont Industries Ltd. saw a 9% decrease in operating income for the third quarter of 2024, totaling $174.9 million compared to $193.1 million in the previous year. This decline was attributed to lower gross margins and higher expenses. For the year-to-date period, operating income decreased by 8% to $459.0 million.
Net Earnings and EPS
Net earnings for Toromont Industries Ltd. in the third quarter of 2024 decreased by 10% to $131.0 million, down from $145.6 million in the same quarter of 2023. Basic earnings per share (EPS) also fell by 10%, from $1.77 to $1.60. For the year-to-date period, net earnings decreased by 7% to $350.2 million, with a basic EPS of $4.27.
Bookings and Backlog
Toromont Industries Ltd. reported a 4% increase in bookings for the third quarter of 2024 compared to the previous year, with higher bookings in the Equipment Group offset by lower bookings at CIMCO. The backlog at the end of September 2024 was $1.1 billion, slightly down from $1.2 billion at the same time in 2023, reflecting continued good order intake and progress on construction and delivery schedules.
Financial Position and Acquisition
Toromont Industries Ltd. maintained a strong financial position with a market capitalization of $10.8 billion as of September 2024. The company completed the acquisition of Tri-City Equipment Rentals for $77.5 million, expanding its heavy equipment rental operations in Southwestern Ontario. The net debt to total capitalization ratio was -1% at the end of September 2024, reflecting cash used in working capital and capital expenditures.
Summarized from source with an LLMView SourceKey figures
Performance
Volatility
6515 M
Market cap (USD)
62,194
Daily traded volume (Shares)
115.75 / 114.48
1 day high/low (USD)
52 weeks high/low (USD)
Dividend ex-date
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EPS (USD)
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Ratings & reviews
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