UPDATE 1-Toromont profit rises 16 pct in first quarter

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TORONTO, April 23 (Reuters) - Canadian industrial equipment supplier Toromont Industries (TIH.TO: Quote, Profile, Research) said on Wednesday its earnings rose 16 percent in the first quarter despite taking a hit from Canadian dollar appreciation.

The company said it earned C$16.5 million ($16.2 million), or 25 Canadian cents a share, in the three months ended March 31, compared with C$14.3 million, or 22 Canadian cents a share, in the same period the year before.

The company's earnings, which included a gain realized on the sale of investments, were right on what analysts, on average, had been expecting, according to Reuters Estimates.

Toromont, which supplies Caterpillar (CAT.N: Quote, Profile, Research) heavy equipment and specialty equipment, said revenue was C$400.6 million, up 3 percent from the year-before quarter.

The Concord, Ontario-based company said the higher revenues came despite a stronger Canadian dollar, which was up 17 percent from the same quarter last year, and which reduced reported revenues by about 10 percentage points, or C$47 million.

Revenues from the company's compression group rose 23 percent on increases in U.S. natural gas compression and North American industrial refrigeration. That more than offset a 12 percent decline in revenues from its equipment group.

Toromont said it sold certain marketable securities in the quarter, realizing C$2.4 million in gains, or 3 cents a share after tax. It said it sold its remaining marketable securities after March 31, realizing an additional C$5.8 million, or 7 cents per share after tax to be reported in the second quarter.

The thinly traded shares of Toromont were up 12 Canadian cents, or 0.4 percent, at C$31.32 on the Toronto Stock Exchange on Wednesday afternoon.

($1=$1.02 Canadian) (Reporting by John McCrank; Editing by Peter Galloway)