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Toromont profit up - Metro US

Toromont profit up

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.

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