CA - Toromont Industries Ltd. (TMTNF) Q1 2024 Earnings Call Transcript

2024-05-03 09:33:06 ET

Toromont Industries Ltd. (TMTNF)

Q1 2024 Earnings Conference Call

May 2, 2024 8:00 a.m. ET

Company Participants

Mike McMillan - President and Chief Executive Officer

John Doolittle - Executive Vice President and Chief Financial Officer

Conference Call Participants

Cherilyn Radbourne - TD Cowen

Jacob Bout - CIBC Capital Markets

Yuri Lynk - Canaccord Genuity

Michael Doumet - Scotiabank

Steve Hansen - Raymond James

Maxim Sytchev - National Bank Financial

Davis Baynton - BMO Capital Markets

Presentation

Operator

Good morning. Today is Thursday, May 2, 2024. Welcome to the Toromont Industries Ltd. First Quarter 2024 Results Conference Call. Please be advised that this call is being recorded, and all lines have been placed in mute to prevent any background noise.

Your host for today will be Mr. John Doolittle, Executive Vice President and Chief Financial Officer. Mr. Doolittle, please go ahead.

John Doolittle

Okay, very good. Thank you, [Ludy] (ph). Good morning, everyone. Thank you for joining us today to discuss Toromont's results for the first quarter of 2024. Also in the call with me this morning is Mike McMillan, President and CEO. Mike and I will be referring to the presentation that is available on our Web site.

To start, I would like to refer our listeners to slide two, which contains our advisory regarding forward-looking information and statements. After our prepared remarks, we will be more than happy to answer questions. And let's get started and move to slide three. And Mike, I'll pass it off to you.

Mike McMillan

Great. Thanks very much, John. Good morning, everyone. The results for the first quarter of 2024 are reflective of the evolution toward more normalized supply and demand dynamics when compared to the market factors we experienced last year. Overall, we saw a decline in revenues year-over-year, however activity levels remain solid, with healthy bookings and backlogs across the business. Historically, this period reflects seasonality in areas of our business, including construction. The Equipment Group delivered lower results in the first quarter of 2024 versus the similar period of last year, which was a strong comparator given specific customer deliveries and market dynamics in play at that time....

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