Toro 2011 Second Quarter Sales up 12% May 20, 2011

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The Toro Company said its second quarter 2011 sales were up 12% over second quarter 2010, driven mostly by growth in its professional businesses.

Toro reported net earnings of $60.3 million on net sales of $631.6 million in 2Q 2011, compared to earnings of $45.7 million and net sales of $562.8 million in 2Q 2010.

For the first six months of 2011 Toro net earnings were $77.5 million on net sales of $1.01 billion, both up from net earnings of $56.6 million and net sales of $894.2 million in the first 2 months of 2010.

Professional segment 2Q net sales were $418.3 million, up 19.7% from the 2Q 2010. Earnings were $85.6 million, up 26.6% from the prior year period.

Professional segment net sales in the first 6 months of 2011 were $676.6 million, up 20.3% from the first 6 months of 2010. Six-month segment earnings were $123.5 million, up 32.2% from 2010.

Residential segment net sales for the second quarter were $209.6 million, down slightly from the 2Q 2010. Cool, wet weather dampened sales for walk-behind power mowers. Declines were somewhat offset by strong acceptance for a new line of zero turn mowers, with shipments up significantly for the quarter. For the first six months, residential segment net sales were $332.9 million, up 1.9% from the first 6 months of 2010.

Residential segment earnings for the second quarter totaled $26.5 million, up 5.7% from the prior year period. For the first six months, residential segment earnings were $37.9 million, down 1.6% from the comparable fiscal 2010 period.

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