Toro Co. reported a nearly 100% drop in its fiscal 4Q profit. It reported net income of US$13,000 for the quarter ended Oct. 31, compared with $6.5 million in the year-earlier period. Fourth-quarter sales of $341.2 million were up 2.6% from $332.5 million in the year-ago period.
John Wright, director of Investor Relations, said a voluntary retirement program was put in place in the fourth quarter. Toro is not disclosing the number of workers who took early retirement or detailed the number of jobs cut through attrition, he said.
Toro said it has benefited from strong worldwide demand for golf equipment and irrigation systems. The gains helped offset declines in U.S. sales of residential and commercial irrigation products and landscape contractor equipment, the company said. In addition, strong orders for snowthrowers and international sales growth in most residential categories offset declines in domestic shipments for walk power mowers.
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