Toro Co. has a record first quarter
The Toro Co. reported gains in sales and net earnings for its fiscal first quarter ended Feb. 3.
Looking specifically at the Bloomington, Minn.-based company's residential segment reveals the same upward trend. Residential segment net sales for the fiscal 2012 first quarter totaled $137.6 million, up 11.6% from the same period last year. The company said consumers’ continued acceptance of the residential zero-turn riding product and retailers’ desire to take walk power mower products earlier generated strong shipments of spring goods.
Residential segment earnings for the fiscal 2012 first quarter totaled $12.6 million, up 10.9% from $11.4 million in the same period last year.
Across the total company, which includes a professional segment where golf and landscape contractor equipment showed strength, Toro reported record sales of $423.8 million, up 10.6%. Net earnings were $19.9 million, up 15.3%.
“Looking beyond our existing business, our most recently announced acquisition of the Astec underground products presents substantial opportunities in adjacent markets. As always, now begins the challenge of successfully integrating the acquisition into the company’s operations," said Michael Hoffman, Toro's chairman and CEO.