News Column

Toro reports record second quarter results

May 22, 2014

By Patrick Kennedy, Star Tribune (Minneapolis)

May 22--Challenging spring weather hampered sales of some of Toro's residential products but commercial contractors benefited from the same weather and invested in new turf products, which helped the Bloomington-based company to report record fiscal second-quarter results.

Toro's sales for the three months ended May 2 were $745 million, up 5.8 percent from the same quarter last year. The company earned $87.1 million, or $1.51 per share, compared to $78.4 million, or $1.32 per share, in the same period a year ago. Revenue and profit both exceeded analysts' expectations.

"Contractors who benefited from the robust snow season last winter invested in more new turf equipment during the quarter, favoring our productivity-enhancing mowers," Michael Hoffman, Toro's chief executive officer, said in a statement.

In addition to strong sales of the company's landscape maintenance equipment, golf equipment and irrigation products were up due to demand for Toro's new products. Second-quarter sales to the professional segment grew 6.5 percent to $528.6 million from the same period last year, while residential segment sales increased 4.5 percent to $210.4 million.

For the six-month period, overall sales increased 3.6 percent to $1.19 billion while net earnings were $113 million, or $1.95 per share. In the same period last year, the company had earnings or $109.8 million, or $1.85 per share, on sales of $1.15 billion.

Patrick Kennedy -- 612-673-7926


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Source: Star Tribune (Minneapolis, MN)

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