Toromont Industries Ltd. is boosting its dividend by 8% after the heavy equipment dealer and industrial refrigeration company reported a 31% increase in fourth-quarter profits.
"We are very pleased with our results for the quarter and year," president and chief executive Scott Medhurst said in announcing the company's earnings on Monday.
"Revenues from equipment, product support and rentals were at record levels for the full year and were at or near record levels for the quarter," Medhurst added.
The Toronto-based Toromont said net income in the three months ended Dec. 31 was $44.9 million or 59 cents per share. That was up from $34.2 million or 44 cents per share in the same prior-year period.
Revenues rose six per cent to $431.1 million from $408.4 million.