The Toro Company (NYSE:TTC) said today that its third quarter will be better than expected. It estimates net earnings per dilutive share for the third quarter will be in the range of $1.66 to $1.68. At the same time, the company believes that its estimates of net earnings per dilutive share for the year will be in the range of $4.85 to $4.90. This estimate is before one-time charges for restructuring and other expense and goodwill write-off and excluding a one-time tax benefit.
“While economic conditions and weather patterns have not been as favourable as we had hoped,” said Kendrick B. Melrose, chairman and chief executive officer of The Toro Company, “we expect to be able to exceed analyst expectations for the quarter and the year because of higher than expected sales of key new products as well as continued success of our’5 by Five’ profit improvement initiatives.”
Toro will be announcing its third quarter earnings on August 27, 2002 and will hold a conference call at 10am C.D.T. A live webcast and replay of the conference call will be available at www.streetevents.com.