Toromont Industries Ltd. (TIH) Q1 2025 Earnings Call

Investor webinar replay

Replay transcript excerpt

Good morning. Today's Thursday, May 1st, 2025. Welcome to the Toromont Industries Limited first quarter 2025 results conference call. Please be advised that this call is being recorded and all lines have been placed on mute to prevent any background noise. Your host for today will be Mr. John Doolittle, Executive Vice President and Chief Financial Officer. Please go ahead, sir. Okay. Thank you very much, Angeline. Good morning, everyone. Thanks a lot for joining us today to discuss Torremont's results for the first quarter of 2025. Also on the call with me, as usual, is Mike McMillan, our President and Chief Executive Officer. Mike and I will be referring to the presentation that is available on our website. To start, I would like to refer our listeners to slide two, which contains our advisory regarding forward-looking information statements. After our prepared remarks, we'll be more than happy to answer questions. So let's get started, move to slide three, and over to you, Mike. Great, thanks very much John. Good morning everyone. I'm pleased with the performance of the team in the quarter. In a somewhat challenging market, we had consolidated revenue growth of 7% overall, growth in both the equipment group and Simcoe. Although we did not match our bottom line performance from last year, due largely to business mix and lower interest income, the team managed expenses very well and enhanced our already solid financial position. The equipment group continued to execute well against order backlog. Revenue increased on improved new equipment deliveries in construction, mining, and power systems, which includes the newly acquired AVL operations. Rental revenue improved in the quarter, reflecting the larger fleet, while used equipment sales declined year over year. Produ...