Toromont profit jumps on higher rentals

Toromont Industries Ltd (TIH-T), an industrial equipment supplier, posted a seven-fold rise in quarterly profit, helped by higher new machine sales and rental revenue, sending its shares to a week's high.

The company also raised its quarterly dividend by 10 percent to 11 cents a share.

For the second quarter, Toromont earned $159.7 million, or $2.06 a share, compared with $21.9 million, or 28 cents a share, a year ago.

The company, which sells, rents and services a broad range of Caterpillar (CAT-N) heavy construction and industrial equipment, posted a 9 percent rise in revenue at $344.6 million.