Toromont Industries Ltd. (TIH.TO: Quote) reported that its net earnings from continuing operations set a new record for the first quarter, as increased 25%, reflecting record revenues and improved margins.
Revenues were $281.46 million compared to $261.61 million prior year. Earnings from continuing operations increased to $17.24 million or $0.22 per share from $13.80 million or $0.18 per share prior year.
During the first-quarter of prior year, the company recorded an income from discontinued operations of $7.82 million.
Net income to shareholders was $17.24 million or $0.22 per share compared to $21.84 million or $0.28 per share prior year.
"Revenues increased from prior year driven by first quarter record levels for product support and rentals. Bookings in the quarter were strong, up 45% from a year ago, with healthy increases in both the construction and resources sectors," said Scott J. Medhurst, President and Chief Executive Officer of Toromont Industries Ltd.
by RTT Staff Writer
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