Toro sees stronger earnings in the first quarter
Outdoor products company Toro reported stronger earnings in the first quarter, buoyed by a strong increase in professional segment sales and international demand.
Earnings rose less than 1 percent to $18.63 million from $18.45 million last year. Sales were up 7 percent to $405.8 million, from $379.1 million in the same period last year.
Sales and earnings rose in the company’s professional segment, “including a strong demand from golf and grounds equipment customers,” the company said.
The company’s residential segment also saw increases, primarily from strong sales of snowthrowers and “TimeCutter” zero-turning radius lawnmowers.
The growth was attributed to “strong contributions from our international business,” said Michael Hoffman, chairman and CEO of Toro. “While we’re concerned about the increasing domestic economic uncertainty, we believe our competitive position is strong, and we are well-positioned for the upcoming season,” he said.
Toro is based in Bloomington, Minn. The company manufactures outdoor maintenance and beautification products for home, recreation and commercial landscapes.