The Toro Co. posted $2.392 billion in net sales for its fiscal year ended Oct. 31 compared to $2.391 billion in fiscal 2015. For the fourth quarter net sales were $468.4 million, compared to $480.8 million in the fourth quarter of fiscal 2015.
Net earnings for fiscal 2016 were $231 million compared to $201.6 million in fiscal 2015, a 14.5-percent increase. For the fourth quarter net earnings were $30.2 million compared to $23.6 million in the year-ago quarter, a 28-percent leap.
“We are pleased to announce record earnings for fiscal 2016, driven by consistent performance and growth in our professional business,” said Richard Olson, Toro president and CEO. “New product introductions across the portfolio were favorably received and we made notable progress in reducing our inventory levels. Despite challenges presented by negative currency conditions and a lack of in-season snowfall, we benefited from solid demand for our golf equipment and irrigation products and we gained share in those markets. Similarly, we saw increased momentum in our landscape contractor, specialty construction and rental businesses due to the success of new products such as the Titan HD zero turn mower and the Dingo TX 1000.”
Toro Co. is based in Bloomington, Minn.
