TORONTO, ONTARIO — (Marketwired) — 10/27/14 — Toromont Industries Ltd. (TSX: TIH) reported its financial results for the third quarter ended September 30, 2014.
“Overall, we are pleased with performance in the third quarter and first nine months of the year,” said Scott J. Medhurst, President and Chief Executive Officer of Toromont Industries Ltd. “Equipment Group markets have continued to be reasonably strong, albeit competitive. The timing of significant mining deliveries somewhat masks the full measure of activity versus a year ago. Product support and rental have produced meaningful growth responding to increases in machine population and our investment in rental fleet. CIMCO product support growth continued in the quarter and year-to-date. Bookings activity improved in the quarter after a slower first half of the year.”
Highlights:
“In the Equipment Group, heightened competitive conditions across all industries we serve, together with the weaker Canadian dollar, have suppressed gross profit margins. Product support growth is expected to continue with the substantially increased base of equipment within our territory. Rental revenue growth is expected to continue in light of good demand, supported by our investment in the rental fleet,” continued Mr. Medhurst. “Though project activity is tight at CIMCO, backlogs were at satisfactory levels for this time of year. Product support growth remains encouraging.”
Quarterly Results Materials
The complete third quarter report for 2014, including MD&A and unaudited interim condensed consolidated 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, October 28, 2014 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 11, 2014 by calling 1-800-408-3053 or 905-694-9451 and quoting passcode 2529948.
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