The Toro Company has reported net earnings of $14.3 million, or $0.32 per diluted share, on net sales of $369.6 million for its fiscal 2006 first quarter ended 3rd February 2006. In the comparable fiscal 2005 period, Toro reported net earnings of $11.2 million, or $0.23 per diluted share, on net sales of $346.9 million. Earnings per share for the 2005 period have been adjusted to reflect the effects of a 2-for-1 stock split which was effective last March.
Michael J. Hoffman, president and chief executive officer, said the company’s first quarter performance benefited from strong sales growth in international markets and from the company’s continued focus on profitability improvement. “With our solid first quarter results, we are well positioned to meet our sales and earnings growth goals for fiscal 2006,” said Hoffman.
The international business posted a healthy sales increase, primarily from its core markets, as well as strong contributions from Hayter, Ltd., which the company acquired in February 2005. Compared to the fiscal 2005 first quarter, international sales grew 33.9 percent. “The increase in international sales results from a strategic focus on expanding that part of our business in order to realize more growth opportunities for Toro and to better balance our overall portfolio,” said Hoffman.
Hoffman said Toro is encouraged by the generally optimistic outlook of customers attending the annual Golf Industry Show in Atlanta. “Our industry-leading maintenance equipment and irrigation systems, strengthened by innovative new offerings introduced at the show, help course operators improve productivity, manage water use more effectively and keep courses in top playing condition.”
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