Toromont Industries Ltd. booked a record 44 per cent increase in first-quarter profit compared to results from a year ago.
Revenue rose to $457.7 million despite lower booking activities in both compression and equipment groups. Net income for the quarter ended March 31 was $23.7 million or 37 cents a share, up from a year-ago $16.5 million or 25 cents a share, Toromont said yesterday.
The Toronto-based company is a heavy equipment dealer and provider of gas compression systems.
A rise of 36 per cent in the compression group’s revenue due to growth in U.S. natural gas compression package sales helped the quarterly sales climb to 15 per cent to $457.7 million from $397.1 million.
The equipment group’s revenue dipped five per cent on lower new and used machine sales.
