Toro reports record-setting first quarter
The Toro Co. reported net earnings of $31.4 million in the first quarter of 2013, compared with net earnings of $19.9 million in the same quarter last year.
Net sales increased 4.9% to $444.7 million for the period ended Feb. 1.
“Our record-setting first quarter, driven by particularly strong channel demand for large turf equipment and the continued growth of micro irrigation sales, propelled us to a solid start for the year,” said Michael Hoffman, Toro’s chairman and CEO. “Our financial performance benefitted from both accelerated sales related to pre-Tier 4 product shipments and early professional end-user demand, along with positive effects of our productivity initiatives.”
A new 30-in. professional walk power mowers for landscape contractors and the newly Toro-branded products from the company's Astec and Stone Construction acquisitions from 2012, are helping create further opportunities, the company said.
Hoffman described the company's residential business retail potential as "solid."