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Toro Reports Record Third Quarter Earnings
Aug 27, 2007
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The Toro Company reported record net earnings of US $42.5 million, or $1.02 per diluted share, on net sales of $478.7 million for its fiscal third quarter ended Aug. 3, 2007. In the comparable fiscal 2006 period, the company reported net earnings of $40.3 million, or $0.91 per diluted share, on net sales of $477.9 million.

For the fiscal nine months, Toro reported net earnings of $135.9 million, or $3.23 per diluted share, on net sales of $1,544.4 million. In the comparable 2006 period, Toro reported net earnings of $124.7 million, or $2.78 per diluted share, on net sales of $1,506.5 million.

Professional segment net sales for the fiscal 2007 third quarter increased 3.8% to $332 million, primarily from strong worldwide growth in shipments and retail sales of landscape contractor equipment.

Residential segment sales for the fiscal 2007 third quarter decreased 8.5% to $133 million, with strong growth in shipments of zero-turning-radius riding mowers and offset by a significant decline in snowthrower shipments.  For the year-to-date, residential segment sales are about flat with the prior year, at $463 million compared with $463.8 million.

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