Toromont Industries Ltd. (TMTNF) Q2 2023 Earnings Call Transcript

Toromont Industries Ltd. (OTCPK:TMTNF) Q2 2023 Earnings Conference Call July 27, 2023 8:00 AM ET

Company Participants

Michael McMillan – Executive Vice President & Chief Financial Officer

Scott Medhurst – President & Chief Executive Officer

Conference Call Participants

Cherilyn Radbourne – TD Cowen

Michael Doumet – Scotiabank

Steven Hansen – Raymond James

Jacob Bout – CIBC

Sabahat Khan – RBC Capital Markets


Good morning. Today is Thursday, July 27, 2023. Welcome to the Toromont Industries Limited Second Quarter 2023 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. Michael McMillan, Executive Vice President and Chief Financial Officer. Please go ahead, Mr. McMillan.

Michael McMillan

Thank you, Anas. Good morning, everyone. Thank you for joining us today to discuss Toromont’s results for the second quarter of 2023. Also on the call with me this morning is Scott Medhurst, President and Chief Executive Officer. Scott now will be referring to the presentation that is available on our website.

To start I would like to refer our listeners to Slide 2 which contains our customary advisory regarding forward-looking information and statements. After our prepared remarks, we will be more than happy to answer questions. So let’s get started. We can move to Slide 3. And Scott will kick us off.

Scott Medhurst

Thank you Mike and good morning, everyone. We’re pleased with the operating and financial performance through the first half of the year. Our discussion today will focus on continuing operations and therefore exclude the AgWest results which is shown as a discontinued operation unless otherwise noted. Equipment Group executed well delivering on several large customer orders combined with growth in rental and product support. Fiscal revenue and bottom line improved in the

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