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Toromont Announces Results for the Third Quarter of 2021 and Quarterly Dividend

Globe Newswire - Thu Nov 4, 2021

TORONTO, Nov. 04, 2021 (GLOBE NEWSWIRE) -- Toromont Industries Ltd. (TSX: TIH) reported its financial results for the third quarter ended September 30, 2021.

“We are pleased with our operating performance, financial results, cash generation and financial position through a challenging business environment. Overall end market activity levels remained solid with the easing of pandemic restrictions and shutdowns. Nonetheless, we continue to operate in a very fluid, complex and uncertain operating environment,” stated Scott J. Medhurst, President and Chief Executive Officer of Toromont Industries Ltd. “The Equipment Group reported strong prime product deliveries and excellent order bookings. Rental activity and fleet utilization improved with more favourable markets. Tight supply of equipment from manufacturers coupled with stronger sales activity versus last year have resulted in lower equipment inventories. CIMCO revenues decreased in the quarter on timing of project construction schedules, while product support activity improved. Across the organization, we are continuing to leverage the learnings from the past year with respect to cost structures and new ways to do business.”