The Toro Co. reported net earnings of $39.3 million on a net sales increase of 2.6 percent to $486.5 million for its first quarter ended Jan. 29. Professional segment net sales for Toro’s professional segment was $338.8 million, flat compared to $339.7 a year ago. Strong sales of landscape contractor equipment contributed positively to the results, which were negatively impacted by unfavorable currency exchange rates.
Meanwhile, residential segment net sales for the quarter were $144.3 million, up 7.1 percent from $134.7 million in the same period a year ago, primarily because of higher shipments of zero-turn riding mowers domestically and internationally.
“Looking ahead to our primarily selling season, we are well positioned across our businesses to drive retail sales and gain market share with our strong product portfolio,” said chairman and CEO Michael Hoffman. “We remain optimistic as we prepare to execute on this positive momentum, while acknowledging the challenges we could encounter from a deteriorating economic environment or unfavorable weather conditions. However, as always, we will remain focused on those things within our control – delivering new product innovation, providing strong customer service and driving solid market performance.”
The company expects revenue growth for fiscal 2016 to be about 4 percent, and now expects net earnings per share to be about $3.85 to $3.95 for the year.
