12:05 PM EDT, 05/24/2022 (MT Newswires) -- Tornado Hydrovacs (TGH.V) reported its Q1 2022 results.
The company generated Q1 revenue of $9.94 million, up 24.6% over Q1 2021's $7.98 million, on the back of improving customer demand.
Net income was $474,000 versus $361,000 for Q1 2021. Tornado Hydrovacs said the increase was mainly due to a gain on disposal of fixed assets of $136,000.
In its outlook, Tornado Hydrovacs management believes its business will continue to strengthen and expects production and sales of hydrovac trucks in North America in 2022 to capitalize on the higher production capacity at the Red Deer Facility over the long term. Increased sales pricing to customers will also reflect changes in material costs.