Toro reports rise in Q2 earnings, sales

Bloomington, Minn.-based Toro has reported second-quarter net earnings of $60.3 million, up 32% from net earnings of $45.7 million in the same period last year.

Net sales for the quarter ended April 29 totaled $631.6 million, up 12% from net sales of $562.8 million in the second quarter of 2010.

For the first six months of the fiscal period, Toro reported net earnings of $77.5 million, up 37% from net earnings of $56.6 million in the year-ago period.

Net sales for the first six months were $1.01 billion, up 13% from net sales of $894.2 million in the same period last year.

"We are very pleased with our second-quarter performance, as our execution serving the professional markets led to significant revenue and earnings growth, putting Toro on an early trajectory toward our Destination 2014 organic growth and profitability goals," said Michael J. Hoffman, Toro's chairman and CEO.

Professional segment earnings for the second quarter totaled $85.6 million, up 26.6% from the prior-year period. Net sales were $418.3 million, up 19.7% from last year. For the first six months, professional segment net sales were $676.6 million, up 20.3% from the same period last year. Six-month earnings were $123.5 million, up 32.2% from the comparable fiscal 2010 period.

Residential segment earnings for the second quarter totaled $26.5 million, up 5.7% from the prior-year period. Net sales were $209.6 million, down slightly from the second quarter in 2010. For the first six months, residential segment earnings were $37.9 million, down 1.6% from the comparable fiscal 2010 period. Net sales for the six months were $332.9 million, up 1.9% from last year.

The company expects net earnings for fiscal 2011 to be about $3.60 per share on a revenue increase of about 10% to 12%.