Outdoor power equipment OEM The Toro Company reported net earnings of $45.7 million, or $1.34 per share, on net sales of $562.8 million for its fiscal second quarter ended April 30, 2010. In the comparable fiscal 2009 period, the company reported net earnings of $36.9 million, or $1.00 per share, on net sales of $499.9 million.
For the fiscal year to date, Toro reported net earnings of $56.6 million, or $1.65 per share, on net sales of $894.2 million. In the first half of fiscal 2009, the company posted net earnings of $43.6 million, or $1.18 per share, on net sales of $840 million.
Residential segment net sales for the fiscal 2010 second quarter totaled $210.1 million, an increase of 14.5% compared to the same period in 2009. For the year to date, residential segment net sales were $326.9 million, up 12.5% from the first half of fiscal 2009.
Professional segment net sales for the fiscal 2010 second quarter were $349.6 million, up 12.6% from the same period in 2009. For the year to date, professional segment net sales were $562.4 million, up 4.2% from the first half of fiscal 2009.
"In 2009 we fought through a difficult economic environment with a focus on what we could control to emerge even stronger when our markets started to improve," said Michael J. Hoffman, Toro’s chairman and chief executive officer. "In this early stage of the recovery, we are extremely pleased with the strong performance of our residential business and the rebound in our professional businesses. Increased end-user demand, gross margin improvement and a leaner cost structure are now driving solid improvements to our profitability."
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