The Toro Company Reports Record First Quarter Results
First quarter sales increase 2.6 percent to a record $486.4 million
Net earnings per share for the first quarter up 29.6 percent to a record $0.70
Company is well positioned as it enters key selling season
Full-year earnings guidance raised
Business Wire The Toro Company
February 18, 2016 8:30 AM
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BLOOMINGTON, Minn.--(BUSINESS WIRE)--
The Toro Company (TTC) today reported net earnings of $39.3 million, or $0.70 per share, on a net sales increase of 2.6 percent to $486.4 million for its first quarter ended January 29, 2016. In the comparable fiscal 2015 period, the company delivered net earnings of $31.0 million, or $0.54 per share, on net sales of $474.2 million.
“We are very encouraged by the positive start to the fiscal year, delivering record results for the first quarter,” said Michael J. Hoffman, Toro’s chairman and chief executive officer. “Our residential business benefitted from strong demand for zero-turn riding mowers. Strong sales of our landscape contractor equipment, increased demand for our specialty construction equipment and higher sales of golf irrigation products also contributed to the positive start to the fiscal year.”
“With an ongoing focus on innovation, we are excited about our new product lineup across our businesses for fiscal 2016. Most recently, our new golf equipment and irrigation products received a positive reception at the Golf Industry Show in San Diego, California last week. New products such as the Workman® light-duty vehicle and the enhanced product offerings for our INFINITY® Series golf sprinkler were well received by those attending the show. We were also pleased by the excitement surrounding our new product offerings at the 2016 Sports Turf Managers Show that also took place in San Diego, California. Similarly, in the days ahead, the team will be busy preparing for the upcoming Rental Show in the end of February, where we expect to see positive opportunities
