Toro sees earnings, sales rise in third quarter
Lawn care products company Toro reported net third-quarter earnings of $42.5 million, up 5.5 percent from $40.3 million last year. Total sales were $478.7 million, up slightly from $477.9 million last year.
"In the face of challenging economic and market conditions, our earnings performance in the third quarter and year-to-date has us on track to deliver another year of solid financial results," said Michael Hoffman, Toro chairman and CEO.
The company’s professional business outshone its residential segment -- professional sales rose 3.8 percent to $322 million, resulting from strong worldwide growth in landscape contractor equipment. Professional segment earnings for the third quarter were $70.9 million, up 13.5 percent from $62.5 million last year.
Residential segment sales decreased 8.5 percent to $133 million. Strong growth in domestic shipments of zero-turning-radius riding mowers was offset by a “significant decline” in snowthrower shipments, the company said. Residential segment earnings for the third quarter were $8.2 million, down 5.8 percent from $8.8 million last year.
Bloomington, Minn.-based Toro is a global provider of outdoor maintenance and beautification products for home, recreation and commercial landscapes.