Toro Co., manufacturer of lawnmowers and landscaping equipment posted slightly higher quarterly earnings last week. Toro earned $42.5 million, or $1.02 per share in its fiscal third quarter ended Aug. 3, compared with $40.3 million or $0.91 per share, in the same period last year.
Bloomington, Minn.-based Toro reported lower sales and earnings at its residential unit, which the company attributed to slower-than-expected sales of snowblowers during and after the mild 2006-07 winter.
Sales rose 1.8 percent to $478.7 million, short of the expectations of some analysts that forecasted $500 million.
“Although we are not satisfied with our revenue growth, retail demand for our innovative products outpaced shipments, resulting in lower field inventory levels,” said Michael Hoffman, chairman and CEO of Toro.
For the full fiscal year, Toro expects earnings to rise 13 to 14 percent on sales growth of 3 percent. Previously Toro had forecast profit growth of 11 percent to 14 percent.
