Toro sees gains in residential division
Lifted by more favorable weather patterns, Bloomington, Minn.-based The Toro Co. reported strong sales in its residential division.
Residential segment net sales for the third quarter totaled $155.5 million, up 14.4% from the prior-year period. Favorable temperatures and precipitation levels in the quarter led to sales increases across all summer product categories, including riding products, walk power mowers and handheld trimmer and blower products.
However, declines in the professional segment led to mixed results for Toro in the third quarter ended Aug. 2.
Net earnings of $40.1 million were down slightly from $40.5 million in the same quarter last year. Net sales increased 1.2% to $509.9 million.
“For the quarter, our results were strengthened by a summer growing season with favorable temperatures and precipitation levels as compared with last year’s severe drought conditions,” said Michael J. Hoffman, Toro’s chairman and CEO “The more desirable weather helped us drive retail sales across most of our businesses and, in particular, our residential business."
He said the company's performance also benefited from the successful launch of the Timecutter zero-turn-radius riding products and the new lithium-ion battery-powered string and hedge trimmers.