Toro Reports 3Q 2008 Results Aug 22, 2008

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The Toro Company reported net earnings of US$38.2 million, or $0.99 per share, on net sales of $492.6 million for its fiscal third quarter ended Aug. 1, 2008. In the comparable fiscal 2007 period, the company reported net earnings of $42.5 million, or $1.02 per share, on net sales of $478.7 million.

For the year to date, Toro reported net earnings of $119.6 million, or $3.06 per share, on net sales of $1,536.9 million. In the comparable fiscal 2007 period, Toro reported net earnings of $135.9 million, or $3.23 per share, on net sales of $1,544.4 million.

Professional segment net sales for the fiscal 2008 third quarter increased 5.9% to $351.6 million, while residential segment net sales for the fiscal 2008 third quarter declined 0.6% to $132.1 million. The company said that increased shipments of snowthrower products in North America and strong international sales were offset by lower shipments of domestic walk power mowers. For the year to date, residential segment net sales declined 4.6% to $441.6 million.

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