Toro 2Q Profit Rises, Lifted by Higher Sales of Landscaping Equipment
By Matt Grossmann
Toro Co. Thursday posted higher earnings for the last fiscal quarter than last year, with higher sales driven by increased business with both commercial and residential customers.
Toro, which sells outdoor construction and landscaping equipment, posted net income of $ 1.31 per share for the second quarter, compared to 91 cents per share for the same period last year. Total net income was $ 142.2 million, up from $ 98.4 million the previous year.
Adjusted earnings, excluding one-time items, were $ 1.29 per share. Analysts surveyed by FactSet expected adjusted earnings of $ 1.19 per share.
Revenue rose to $ 1.15 billion from $ 929.4 million in the year-ago quarter. Analysts had forecast sales of 1.13 billion US dollars.
Sales growth was driven by demand for products for golf courses, landscaping companies and irrigation markets, said Toro general manager Richard M. Olson. Household ride-on mowers and the company’s Flex-Force branded battery-powered products also contributed to sales growth, he added.
Sales in the professional segment rose by 25.3% compared to the previous year, while sales in the residential segment rose by 20%.
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