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For immediate release Toronto , Ontario ( May 4 , 2021 ) - Toromont Industries Ltd. ( TSX : TIH ) reported its financial results for the first quarter ended March 31 , 2021 . TOROMONT TOROMONT ANNOUNCES RESULTS FOR THE FIRST QUARTER OF 2021 AND QUARTERLY DIVIDEND ● ● millions , except per share amounts Revenues Operating income Highlights : Consolidated results Net earnings Basic earnings per share ( " EPS " ) LA LA LA LA " Toromont's first quarter results reflect our people's unwavering commitment to meet our customer needs as we continue to navigate through a complex operating environment " , stated Scott J. Medhurst , President and Chief Executive Officer of Toromont Industries Ltd. " The Equipment Group reported strong prime product deliveries , reflecting improved activity levels in the quarter . CIMCO revenues increased with good progress on its order backlog . Product support activity , particularly in the recreational markets , continues to reflect the impact of COVID restrictions . Operational efficiencies with continued focus on expense disciplines resulted in solid bottom line growth . " Three months ended March 31 2021 2020 % change 806.2 $ 70.2 $ 48.0 $ 0.58 $ 715.5 55.2 37.4 0.46 13 % 27 % 28 % 26 % Revenues increased 13 % in the quarter versus the same period last year where early COVID effects caused steep declines in the latter part of the quarter . This reflected improved activity levels in many areas and good execution from our teams . Product support revenues were 2 % higher while rental revenues 11 % lower compared to the similar quarter last year . Operating income ( ¹ ) increased 27 % on the higher revenues , coupled with relatively unchanged expense levels . 1 Net earnings increased $ 10.6 million or 28 % in the quarter versus a year ago to $ 48.0 million or $ 0.58 EPS . Backlogs ( ¹ ) were $ 911.5 million at March 31 , 2021 , compared to $ 567.0 million at March 31 , 2020 , reflecting strong bookings ( ¹ ) in the Equipment Group over the last two quarters .