The following is a summary of the Toromont Industries Ltd (TMTNF) Q4 2023 Earnings Call Transcript:

Financial Performance:

• Toromont Industries reported a 9% revenue growth for Q4 and a 12% increase for the year in 2023.

• Despite competitive market conditions and higher proportions of new vs used equipment, gross profit margins decreased by 150 basis points in Q4 and 50 basis points over the year.

• The company recorded a decrease in operating income by 2% for the quarter but a 12% increase for the year, reflecting surging revenues but declining gross margins.

• The company's cash standing was over $1B, with extra $460M available in existing credit.

• Toromont Industries' board increased the quarterly dividend to $0.48 per share, marking a rise of 11.6%.

Business Progress:

• New equipment sales and rental revenue registered increases across all market segments and regions.

• Despite lower backlog than the previous year, the company is optimistic about delivering 90% of it in 2024.

• Hiring technicians remains a strategic focus to boost Toromont's aftermarket and product/service offerings.

• Despite global supply chain turbulence and macroeconomic trends, the company is well-positioned with a focused operational model going into 2024.

• Digital advancements continue to be a focus, with investments in enhancing customer interface technologies, analytics support, and online parts sales and auctions.

More details: TOROMONT INDUSTRIES LTD IR

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