February 8, 2010 / 6:10 PM / 8 years ago

UPDATE 1-Toromont earnings down 36 percent

* Q4 EPS C$0.48, versus C$0.76 a year ago

* Revenue down 26 percent at C$452.8 mln

* Analysts forecast EPS C$0.49, revenue C$442.9 mln

TORONTO, Feb 8 (Reuters) - Industrial equipment supplier Toromont Industries (TIH.TO) said on Monday its quarterly profit fell 36 percent as the weak economy led to lower construction and natural gas drilling activity.

The Concord, Ontario-based company said its profit fell to C$31.4 million ($29.3 million), or 48 Canadian cents a share, for the fourth quarter, ended Dec. 31. That was down from C$49.1 million, or 76 Canadian cents a share, a year earlier.

Revenue dropped 26 percent to C$452.8 million.

Analysts, on average, had expected earnings of 49 Canadian cents a share, on revenue of C$442.9 million, according to Thomson Reuters I/B/E/S.

Shares in the company, which sells, rents and services a broad range of Caterpillar (CAT.N) heavy construction and industrial equipment, and makes and installs compression systems, were down 4 Canadian cents at C$27.65 on the Toronto Stock Exchange after the results were released.

In January, Toromont completed its takeover bid for Enerflex Systems Income Fund EFX_u.TO. Toromont now owns about 96 percent of the outstanding trust units of Enerflex and said last week it plans to acquire the rest on Feb. 26. The deal is worth about C$670 million.

The company said it expects the acquisition to add to its earnings in 2011.

$1=$1.07 Canadian Reporting by John McCrank; editing by Rob Wilson

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