Toromont Announces Results for the Third Quarter of 2016 and Quarterly Dividend
|Three months ended||Nine months ended|
|millions, except per share amounts||2016||2015||% change||2016||2015||% change|
|Basic earnings per share ("EPS")||$||0.61||$||0.58||5%||$||1.41||$||1.30||8%|
"Toromont's results for the third quarter reflect a steady operational focus, which contributed to growth in year-to-date revenues and earnings despite challenging markets," said
|•||Revenues decreased 7% to
|•||Revenues were up 1% to
|•||Bookings1 increased 3% in the quarter to
CIMCO - record results in both
|•||Revenues increased 33% to
|•||Revenues were up 24% to
|•||Bookings were down 43% in the quarter to
|•||Net earnings increased 7% in the quarter to
|•||EPS increased 5% or
|•||Toromont's financial position remains strong. Net debt to total capitalization1 was 5%. Our balance sheet strength supports the pursuit of growth opportunities.|
|•||The Board of Directors announced a quarterly dividend of
"We are encouraged by the long-term outlook for infrastructure spending, however our visibility to projects initiated to-date does not point to increased investment in the near-term. Our
Quarterly Results Materials
The complete third quarter report for 2016, including MD&A and unaudited interim condensed consolidated financial statements, is available on our website at www.toromont.com.
Quarterly Conference Call and Webcast
Interested parties are invited to join the quarterly conference call with investment analysts, in listen-only mode, on
Both the live webcast and the replay of the quarterly conference call can be accessed at www.toromont.com.
Information in this press release that is not a historical fact is "forward-looking information". Words such as "plans", "intends", "outlook", "expects", "anticipates", "estimates", "believes", "likely", "should", "could", "will", "may" and similar expressions are intended to identify statements containing forward-looking information. Forward-looking information in this press release is based on current objectives, strategies, expectations and assumptions which management considers appropriate and reasonable at the time including, but not limited to, general economic and industry growth rates, commodity prices, currency exchange and interest rates, competitive intensity and shareholder and regulatory approvals.
By its nature, forward-looking information is subject to risks and uncertainties which may be beyond the ability of Toromont to control or predict. The actual results, performance or achievements of Toromont could differ materially from those expressed or implied by forward-looking information. Factors that could cause actual results, performance, achievements or events to differ from current expectations include, among others, risks and uncertainties related to: business cycles, including general economic conditions in the countries in which Toromont operates; commodity price changes, including changes in the price of precious and base metals; changes in foreign exchange rates, including the Cdn$/US$ exchange rate; the termination of distribution or original equipment manufacturer agreements; equipment product acceptance and availability of supply; increased competition; credit of third parties; additional costs associated with warranties and maintenance contracts; changes in interest rates; the availability of financing; and, environmental regulation.
Any of the above mentioned risks and uncertainties could cause or contribute to actual results that are materially different from those expressed or implied in the forward-looking information and statements included in this press release. For a further description of certain risks and uncertainties and other factors that could cause or contribute to actual results that are materially different, see the risks and uncertainties set out in the "Risks and Risk Management" and "Outlook" sections of Toromont's most recent annual or interim Management Discussion and Analysis, as filed with Canadian securities regulators at www.sedar.com or at www.toromont.com. Other factors, risks and uncertainties not presently known to Toromont or that Toromont currently believes are not material could also cause actual results or events to differ materially from those expressed or implied by statements containing forward-looking information.
Readers are cautioned not to place undue reliance on statements containing forward-looking information that are included in this press release, which are made as of the date of this press release, and not to use such information for anything other than their intended purpose. Toromont disclaims any obligation or intention to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as required by applicable securities legislation.
1 These financial metrics do not have a standardized meaning under International Financial Reporting Standards, which are also referred to herein as Generally Accepted Accounting Principles (GAAP), and may not be comparable to similar measures used by other issuers. The Company's Management's Discussion and Analysis (MD&A) includes additional information regarding these financial metrics, including definitions, under the heading "Description of Additional GAAP and Non-GAAP Measures."
|INTERIM CONDENSED CONSOLIDATED INCOME STATEMENTS|
|Three months ended||Nine months ended|
|September 30||September 30|
|($ thousands, except share amounts)||2016||2015||2016||2015|
|Cost of goods sold||371,946||381,604||1,048,192||1,006,214|
|Selling and administrative expenses||65,213||61,605||189,702||181,231|
|Gain on sale of internally-developed software||(4,939||)||-||(4,939||)||-|
|Interest and investment income||(422||)||(653||)||(2,629||)||(2,278||)|
|Income before income taxes||64,664||60,650||150,915||138,683|
|Earnings per share|
|Weighted average number of shares outstanding|
President and Chief Executive Officer
Executive Vice President and Chief Financial Officer
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