Toro's lawn products are contributing to the company's strong results in 2015.
Toro's lawn products are contributing to the company's strong results in 2015.
Toro's lawn products are contributing to the company's strong results in 2015.
Toro's lawn products are contributing to the company's strong results in 2015.
Toro's lawn products are contributing to the company's strong results in 2015.

Toro Posts Record Fiscal Third Quarter

Aug. 21, 2015
The Toro Co. posted net earnings of $53.3 million, or $0.94 per share, on a net sales increase of 7.4 percent to $609.6 million for its fiscal third quarter ended July 31.

The Toro Co. posted net earnings of $53.3 million, or $0.94 per share, on a net sales increase of 7.4 percent to $609.6 million for its fiscal third quarter ended July 31. In the same period a year ago, the company delivered net earnings of $50 million, or $0.87 per share on net sales of $567.5 million.

“Favorable summer growing conditions, particularly in our domestic markets, coupled with the success of new product introductions drove increased retail sales for the quarter,” said Michael Hoffman, Toro chairman and CEO. “We are pleased to deliver record third quarter results as we benefit from the growth provided by the recent acquisition of the BOSS line of snow and ice management products as well as ongoing demand for our Toro- and Exmark-branded landscape contractor equipment. We also saw strong growth in our specialty construction business and consistent performance in our residential segment, driven by solid worldwide demand for zero-turn riding mowers and domestic demand for walk power mowers.”

For the first nine months of the fiscal year, Toro reported a net sales increase of 8.6 percent to $1.91 billion, compared to $1.76 billion a year ago.

Hoffman said he expects a solid fiscal fourth quarter. “We will manage the impacts of unfavorable foreign currency rate conditions, which are expected to continue, as well as the extended drought-like conditions in certain regions of the country,” Hoffman said. “We are seeing solid fourth quarter demand for residential and professional snow and ice management products on the heels of a strong snow season in North America in fiscal 2014.”