Toro Increases Full-Year Guidance Based on Preliminary 2Q10 Results
The Toro Co. last week announced that its second-quarter results are expected to exceed prior guidance. The company now expects year-to-date revenue growth of about 6 percent and second-quarter earnings per share to be approximately $1.30 to $1.35, up from its previous guidance of about $1.15 per share.
Final results remain subject to the regular quarterly review process. Given this strong second-quarter performance, Toro now anticipates earnings for fiscal 2010 to be about $2.40 per share on a revenue increase of about 7 percent. The company’s prior guidance for fiscal 2010 was about $2.15 on revenues comparable to fiscal 2009.
“We have experienced a strong start to the spring selling season and the second quarter exceeded our expectations,” said Michael Hoffman, Toro’s chairman and CEO. “Our performance reflects solid end user demand, including for our innovative new products. We have also benefited from gross margin improvement, disciplined spending and a leaner cost structure. Additionally, the fundamentals of our business have improved and we are working diligently to align production with increased demand.”
Toro will conduct a conference call and webcast for investors beginning at 10 a.m. Central Daylight Time on May 20. The webcast will be available at www.streetevents.com or at www.thetorocompany.com/invest.
The Toro Co., Bloomington, Minn., is a worldwide provider of outdoor maintenance equipment and beautification products.
