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Toromont Industries boosts Q4 profits 33% to $45.7M; increases dividend 13%

TORONTO – Toromont Industries Ltd. (TSX:TIH) is boosting its dividend by 13 per cent after reporting a 33 per cent increase in fourth-quarter earnings amid a 14 per cent jump in revenue.

The big, Toronto-based Caterpillar dealer and manufacturer of industrial and recreational refrigeration systems says net income was $45.7 million or 59 cents per basic share in the three months ended Dec. 31. That was up from $34.4 million or 45 cents per share in the same 2013 period.

Revenue rose to $465.6 million from $407.3 million with improvements in both its Equipment Group and CIMCO business segments.

For the full year, Toromont reported an increase of eight per cent in net earnings to $133.2 million or $1.73 per share from $123 million or $1.61 per share. Revenue was four per cent higher, increasing to $1.66 billion from $1.59 billion.

Toromont said it was increasing its quarterly dividend to 17 cents from 15 cents, payable April 1.

The company employs some 3,350 people at more than 100 locations across Canada and the United States.