Global Edition

 

Toro Reports 2011 Second Quarter Results

7.08am 23rd May 2011 - Corporate - This story was updated on Monday, May 23rd, 2011

The Toro Company (NYSE: TTC) has reported net earnings of $60.3 million, or $1.88 per share, on net sales of $631.6 million for its fiscal second quarter ended April 29, 2011. In the comparable fiscal 2010 period, the company reported net earnings of $45.7 million, or $1.34 per share, on net sales of $ 562.8 million.

  • Quarterly sales increase 12 percent driven by professional businesses
  • Improved golf market fuels worldwide demand for turf equipment and irrigation systems
  • Net earnings per share for the quarter up over 40 percent to $1.88
  • Company takes first step towards Destination 2014 goals

For the first six months, Toro reported net earnings of $77.5 million, or $2.41 per share, on net sales of $1.01 billion. In the comparable fiscal 2010 period, the company posted net earnings of $56.6 million, or $1.65 per share, on net sales of $894.2 million.

“We are very pleased with our second quarter performance as our execution serving the professional markets led to significant revenue and earnings growth, putting Toro on an early trajectory towards our Destination 2014 organic growth and profitability goals,” said Michael J. Hoffman, Toro’s chairman and chief executive officer.

“We are especially excited about the golf business. Customers are choosing Toro’s innovative products to replace aging equipment and irrigation systems, and to support new golf development projects around the world. As for our residential business, the late start to spring delayed retail sales resulting in us carrying more inventory; however, we expect demand to return with the recent, warmer weather.”

Professional segment net sales for the second quarter totaled $418.3 million, up 19.7 percent from the prior year period. Worldwide orders for golf equipment and irrigation systems were up on improved market conditions, successful product introductions, and new course development around the world – particularly in Asia.

“Economic trends in our markets remain positive; however, weather and commodities are proving to be more challenging this year,” said Hoffman. “While uncertain how the delayed start to spring will play out across our markets, we are encouraged by the success of our innovative new products and execution in the marketplace. Given our strong performance to date, we are increasing our full-year revenue and earnings outlook.”

The company now expects net earnings for fiscal 2011 to be about $3.60 per share on a revenue increase of about 10 to 12 percent.

The Toro Company www.toro.com

 

       

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