Outdoor power equipment OEM The Toro Company reported net earnings of $35.1 million on net sales of $501 million in its fiscal third quarter, ended July 29, 2011. In the comparable fiscal 2010 period Toro net earnings were $33.4 million on net sales of $458.9 million.
For the first nine months Toro net earnings were $112.6 million on net sales of $1,515.9 million, compared to net earnings of $90 million on net sales of $1,353.1 million in the first nine months of 2010.
Residential segment net sales for the third quarter totaled $147.5 million, up 8.6% from 3Q 2010. Worldwide orders for snow removal equipment was up significantly as retailers sought to restock their inventories depleted by last winter's big snowfalls. Lower walk power mowers and riding product sales offset these gains. In the first nine months residential segment net sales were $480.4 million, up 3.8% from the first nine of 2010.
Residential segment earnings in the 3Q were $4.6 million, down from $10.7 million 3Q 2010. The earnings decline stemmed from a pre-tax, one-time charge of $4.5 million caused by a rework issue affecting a large number of walk power mowers.
In the first nine months, residential segment earnings were $42.5 million, down from $49.2 million in the first nine of 2010.
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