Feb. 20--Heavy snowfalls helped Toro Co. beat Wall Street earnings estimates by 7 cents a share for its fiscal first quarter, though still below its year-ago performance.
And the company said it's likely to come in slightly below analysts' earnings estimates in the second quarter.
Toro earned $25.9 million, or 44 cents a share in the three months ended Jan. 31, down from 53 cents a year ago but higher than analysts' prediction of 37 cents.
Revenue was $446 million, up slightly from $444.7 million a year ago, but well above Wall Street's expectation of $432.3 million.
The company's shares were flat in morning trading Thursday.
"Significant snowfall across key North American markets this winter season spurred retail demand for our snow products, helping to drive sales for the quarter and providing a solid start to our 2014 fiscal year," CEO Michael Hoffman said. The unfavorable comparison with year-ago earnings was caused by the introduction of new diesel engines a year ago that accelerated sales of large turf-care equipment, he said.
Toro projected second-quarter earnings of $1.45 to $1.50 per share, less than the $1.54 analysts had been expecting.
For the year, Toro expects earnings of $2.90 to $2.95 a share, a 5 to 6 percent increase, which is in line with analysts' estimates of $2.91.
Steve Alexander -- 612-673-4553
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