TORONTO — Toromont Industries released figures for its best ever year, noting that revenues increased 12 during 2008, compared to 2007. This is the 16th consecutive year of growth for the company.
Total revenues in 2008 were $2.12 billion, compared to $1.89 billion a year earlier. Net earnings were $150.5 million or $2.16 per share, up 15% from 2007.
The economic slowdown hit Toromont revenues in the fourth quarter both in its Equipment Group and Compression Group, but the next few months look promising. "We entered 2009 with large backlogs in the Compression Group that should provide good momentum through the first half of the year. Equipment Group backlogs were also good, and the spending stimulus announced in the recent federal budget could be positive for our operations," stated chairman and CEO Robert M. Ogilvie.
Toromont posts its Canada-wide job opportunities on Workopolis. There is a link on the company's home page, www.Toromont.com.
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