Q3 2025 Toromont Industries Ltd Earnings Call Transcript

Oct 31, 2025 / 12:00PM GMT

Release Date Price: C$168.51 (+7.02%)

Transcript

Key Points

Positve

Net income rose, aided by a property sale, reflecting strong financial management.
Rental revenue increased due to a larger fleet and improved utilization.
CIMCO posted higher revenue and earnings driven by strong demand and execution in both Canada and the US.
The company ended the quarter with ample liquidity, including $1 billion in cash and additional credit facilities.
Bookings for the third quarter increased 47% compared to Q3 2024, indicating strong future demand.

Negative

Revenue declined 2% in the third quarter, with a significant decrease in the Equipment Group due to lower mining deliveries.
Operating income, excluding the property gain, decreased 1% in the quarter, reflecting higher expenses.
Net interest expense increased due to higher borrowings and lower interest income.
The AVL acquisition's bottom line contribution was modest due to noncash purchase accounting adjustments.
The economic environment continues to impact end customer demand, particularly in the mining segment.

Operator

Good morning. Today is Friday, October 31, 2025. Welcome to the Toromont Industries Limited third-quarter 2025 results conference call. Please be advised that this call is being recorded. (Operator Instructions)

Your host for today will be Mr. John Doolittle, Executive Vice President and Chief Financial Officer. Please go ahead, Mr. Doolittle.

John Doolittle

Toromont Industries Ltd - Chief Financial Officer, Executive Vice President

Okay. Thank you, Joelle. Good morning, everyone. Thank you for joining us today to discuss Toromont's results for the third quarter of 2025. Also on the call with me this morning is Mike McMillan, President and Chief Executive Officer.

Mike and I will be referring to the presentation that is available on our website. In the start, I would like to refer our listeners to slide 2, which contains our advisory regarding forward-looking information and statements. After our prepared remarks, we'll be more than happy to answer questions.

So let's get started and move to slide 3. And I'll pass it over to Mike.

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