Toromont Industries Ltd. (TSX: TIH) reported financial results for the second quarter ended June 30, 2020. “From the start of the COVID-19 pandemic, Toromont has continued to focus efforts on three areas: safeguarding our employees, servicing our customers’ needs and protecting our business for the future,” said Scott J. Medhurst, President and Chief Executive Officer of Toromont Industries Ltd. “As a result of reduced economic activity, caused by the response to the COVID-19 pandemic, we experienced lower earnings and net income in the quarter. Revenue decline lessened as the quarter progressed while remaining below prior year levels. We appreciate our entire team’s effort and commitment to supporting our customers during this challenging time.”
The Board of Directors of the Company also announced today that, subject to annual shareholder approval, Mr. Robert Ogilvie, Chair, and Mr. Wayne Hill have agreed to continue to serve on the Board until 2023. The extension of their services will balance the Board renewal process with their depth of knowledge and experience, ensuring a smooth transition of roles with new directors.
“We are proud of our team’s ability to navigate through this pandemic and support our customers through the provision of essential services,” continued Mr. Medhurst. “Our Critical Incident Executive Response Team was activated at an early stage and continues to meet regularly to focus on developing trends and pronouncements, assessing best course of action and responding appropriately. The management and leadership teams continue to monitor the situation closely and are taking responsible measures to manage and protect the interests of our people and customers while managing the long-term health of the business. The diversity of our geographical landscape and markets served, extensive product and service offerings and financial strength together with a disciplined operating culture, position us well to weather this situation for the long term.”
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