Sales to the Rental Channel Helps Drive Toro’s Increase in Fiscal Second Quarter

The Toro Co. reported net earnings of $120.5 million or $1.08 per share on a net sales increase of 4.3 percent to $872.8 million for its fiscal second quarter ended May 5. In the same period a year ago, net earnings were $105.7 million or $0.94 per share, on net sales of $836.4 million.

For the first six months of the fiscal year, net earnings were $165.5 million compared to $144.9 million a year ago, a 14.2-percent rise.  Net sales for the six-month period were $1,388.6 million compared to $1,322.8 million a year ago, a 5-percent hike.

“Solid performance in both our professional and residential segments contributed nicely to the revenue growth we achieved for the quarter,” said Richard Olson, Toro’s president and CEO. “We were also pleased by the performance of our rental and specialty construction businesses. Expanding our product lineup, particularly in the rental channels, has been successful.”

The company expects revenue growth for fiscal 2017 to be about 4.5 percent and net earnings per share to increase to about $2.35.

Toro Co. is based in Bloomington, Minn.