The Toro Company, maker of outdoor power equipment, reported net earnings of $117.7 million on net sales of $1,884 million for its fiscal year 2011, which ended Oct. 31, 2011. In fiscal 2010, Toro net earnings were $93.2 million on net sales of $1,690.4 million.
In the fourth quarter of the fiscal year, Toro reported net earnings of $5 million on net sales of $368.1 million, compared to 4Q of fiscal 2010 when net earnings were $3.2 million on net sales of $337.3 million.
"Fiscal 2011 was a very good year for The Toro Company, delivering record revenues and earnings per share,” said Michael J. Hoffman, Toro’s chairman and CEO. “Increased global demand across golf, grounds and agriculture markets drove further improvement in our professional businesses. Our innovation levels have never been higher, and we were successful in gaining share in many of our markets and key product categories. We finished the year strong and have good momentum going into fiscal 2012.”
Professional segment net sales for fiscal 2011 were $1,239.1 million, up 14.2% from fiscal year 2010. Toro saw global demand across all professional businesses remain strong, increasing the Professional segment to nearly two-thirds of total sales. Toro said worldwide sales of golf maintenance equipment benefited from successful new product introductions and from increased customer investments in course upgrades and equipment purchases. Shipments of landscape contractor and grounds products also saw gains.
Professional segment 4Q 2011 net sales were $216.5 million, up 5.5% from 4Q 2010.
Professional segment earnings for fiscal 2011 were $205 million, up from $173.8 million in fiscal 2010. 4Q 2011 professional segment earnings were $17.1 million, down slightly from 4Q 2010.
Residential segment net sales in fiscal 2011 were $623.9 million, up 5.8% from fiscal 2010. Sales of riding products increased, benefitted by demand for Toro’s new zero-turn mowers. Shipments of snow products were up significantly in North America and Europe coming off last year’s strong snow season, which boosted preseason orders. Lower orders were seen in walk-behind power mowers and electric blowers, caused by unfavorable weather conditions.
Residential segment 4Q 2011 net sales were $143.5 million, up 12.9% from 4Q 2010. 4Q residential segment earnings were $11.9 million, up from $8.8 million in 4Q 2010.
Residential segment earnings for fiscal 2011 were $54.4 million, down from $58 million in fiscal 2010.
At the $2 Billion Threshold
“Looking ahead, we find ourselves at the threshold of reaching $2 billion in revenues for the first time in our history,” said Hoffman. “We are well-positioned to grow share in our markets with a strong lineup of innovative new products, along with the benefit of additional capacity from the investment in our new Romania operation.”
The company expects a fiscal 2012 revenue increase of about 5%.
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