Toro sees gains for the fourth quarter and full year
Bloomington, Mich.-based Toro reported net income for the fourth quarter ended Oct. 31 of $3.2 million, compared with a $532,000 loss for the same period in 2009.
Sales for the quarter were $337.3 million up 16.9% from $288.5 million for the same period last year.
For the full year, the company reported net income of $93.2 million, up 48.4% from $62.8 million reported for 2009.
“For Toro, it was a year marked by many successes and a return to change in the right direction,” said Michael J. Hoffman, Toro’s chairman and CEO. “Investments we made during the downturn, along with renewed strength in our end markets, particularly worldwide golf and landscape contractor, have our revenues and profits growing once again. New product innovation was a key contributor to our growth, helping increase penetration in key categories. I am very appreciative of our team’s performance and what they collectively achieved this year.”
Residential segment net sales for fiscal 2010 totaled $589.7 million, up 10.7% from last year. Riding products posted strong gains fueled by expanded placement for Toro's competitively priced TimeCutter zero-turn mowers and continued strong demand for TITAN zero-turn mowers, the company said.
Total sales for the year were $1.69 billion, up 11.1% from $1.52 billion reported for 2009.
By segment, the company reported sales for its professional lines at $1.08 billion for the year, an increase of 12.4%. The company said new golf course projects in Asia saw golf equipment and irrigation system orders increase.
The company reported sales for the residential segment of $589.7 million, up 10.7% from last year. Riding equipment posted strong gains fueled by expanded placement of their Time Cutter and Titan zero-turn mowers. Snow equipment orders were also strong for the year.
Hoffman also announced the company is moving forward with plans to build a manufacturing plant in Eastern Europe to serve the growing precision irrigation and agricultural segment in the region.