The Toro Co. posted net earnings of $173.9 million, or $3.02 per share, on a net sales increase of 6.4 percent to $2.173 billion for its fiscal year ended Oct. 31. Net earnings jumped 12.3 percent compared to $154.8 in fiscal 2013, and net sales hiked 6.5 percent compared to $2.041 billion in fiscal year 2013.
For the fourth quarter, Toro posted net earnings of $10.9 million on a net sales increase of 8.3 percent to $414.1 million, compared to $382.4 million in the fourth quarter a year ago, an 8.3-percent increase.
“Fiscal 2014 was a significant year for the Toro Co. for many reasons,” said Michael Hoffman, Toro chairman and CEO. “We delivered record sales, operating earnings and earnings per share, which enabled us to successfully achieve our destination 2014 revenue and profitability targets. We celebrated our centennial and officially launched the company’s second century. We entered into and subsequently closed the largest acquisition in our history with the addition of the BOSS professional snow and ice management business. Finally, we returned almost $150 million to our shareholders through the payment of $45 million in dividends and the repurchase of more than 1.6 million shares of our common stock.”
Hoffman told an investor conference call “the professional rental and specialty construction business benefited from increased demand for our ground-engaging equipment in the rental and contractor markets.”
Toro Co. is based in Bloomington, Minn.
