Toro reports strong third quarter
Bloomington, Minn.-based Toro has posted third-quarter net earnings of $35.1 million, up 5% from net earnings of $33.4 million in the prior-year period.
Net sales for the quarter ended July 29 totaled $501 million, up 9% from net sales of $458.9 million in the third quarter of 2010.
"We delivered record sales over what was a good third quarter last year," said Michael Hoffman, Toro's chairman and CEO. "Unfortunately, weather around the country slowed sales in our residential and landscape contractor businesses, and a disappointing walk power mower rework issue negatively impacted earnings for the quarter. Even so, demand for golf and grounds equipment around the world remained strong, and adoption of our micro irrigation solutions continued to grow, which helped drive strong quarterly results."
For the first nine months, Toro reported net earnings of $112.6 million, up 25% from net earnings of $90 million in the comparable fiscal 2010 period. Net sales for this period totaled $1.52 billion, up 13% from net sales of $1.35 billion in the year-ago period.
Professional segment net sales for the third quarter totaled $346 million, up 8.8% from the prior-year period. Residential segment net sales for the third quarter totaled $147.5 million, up 8.6% from the third quarter of 2010.
Toro expects net earnings for fiscal 2011 to be approximately $3.60 per share on a revenue increase of about 10% to 12%.