Toromont Industries Ltd T.TIH

TOROMONT ANNOUNCES RESULTS FOR THE FIRST QUARTER OF 2023

[Betteryear2]

TORONTO, April 27, 2023 /CNW/ - Toromont Industries Ltd. (TSX: TIH) today reported its financial results for the first quarter ended March 31, 2023.

	Three months ended March 31
($ millions, except per share amounts)	2023	2022	% change
Revenue	$         1,061.3	$            860.1	23 %
Operating income	$            127.5	$              86.1	48 %
Net earnings	$              96.0	$              59.5	61 %
Basic earnings per share ("EPS")	1.17	0.72	63 %

"We are pleased with the solid start to the year, buoyed in part by a solid opening order backlog," stated Scott J. Medhurst, President and Chief Executive Officer of Toromont Industries Ltd. "The Equipment Group executed well delivering on several large customer orders, as well as growing rental and product support results. CIMCO revenue improved in the quarter on project construction and higher product support activity. Across the organization, we remain committed to our operating disciplines, driving our after-market strategies and delivering customer solutions."

TOROMONT ANNOUNCES RESULTS FOR THE FIRST QUARTER OF 2023 AND QUARTERLY DIVIDEND (newswire.ca)