TORONTO, Ont. — Toromont Industries had consolidated revenues of $171.4 million in the first quarter ended Mar. 31, up eight per cent from $158.9 million in the year ago quarter.
Its net income was $5,241,000 or 18 cents a share in the quarter, compared to $3,415,000 or 12 cents a share a year earlier. Toromont notes that due to a change in its accounting practices, the year-ago figures have been restated.
Most of Toronto’s operations had not yet experienced the weaker conditions seen in some industries, Robert M. Ogilvie, chairman and chief executive officer notes.
“We are satisfied with the overall results of operations in the first quarter – usually the slowest for Toromont due to winter shutdowns in the construction industry,” expains Ogilvie.
Toromont Industries Ltd. is a a industry leader in construction equipment, power, refrigeration and process systems. It recently entered the heavy-truck market by acquiring Missisauga, Ont.’s Tower Ford Sales Sterling Trucks dealership.