Toromont Announces 2021 Results and Quarterly Dividend

TORONTO, Feb. 09, 2022 (GLOBE NEWSWIRE) -- Toromont Industries Ltd. (TSX: TIH) today reported financial results for the three months and year ended December 31, 2021.

“Toromont delivered solid results in the fourth quarter and full year of 2021, reflective of our focus on operational execution and favourable operating leverage, including the benefit of ongoing integration and alignment of our dealership territory across Eastern Canada,” stated Scott J. Medhurst, President and Chief Executive Officer of Toromont Industries Ltd. “The Equipment Group reported strong prime product deliveries while rental activity and fleet utilization improved; however, pandemic and macroeconomic factors continued to affect customer buying patterns and prime product and parts availability. CIMCO revenues increased on progression of large projects. Product support activity improved in the Equipment Group, dampened somewhat by pandemic and supply chain related factors. We continue to leverage the learnings from the past two years with respect to cost structures and new ways to do business, while maintaining focus on customer service and support. Our order backlog at the end of 2021 was $1.3 billion, reflecting strong activity and the current supply environment.”

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