Lawn and garden equipment maker Toro Co. announced on Tuesday that its quarterly earnings rose on higher sales of lawn care equipment to consumers and professional landscapers, and, as a result, increased its full-year profit outlook.
The Bloomington, MN, U.S.-based company said net income in the third quarter ended Aug. 1 rose to U.S. $27 million, or $1.03 a share, from $21.9 million, or 84 cents a share, a year ago. Sales rose to $394.5 million from $375.6 million.
Toro said it sold more landscape contracting and golf greens mowing equipment and irrigation products, which boosted revenue in its professional segment.
Residential sales benefited primarily from growth in walk-behind power mower shipments.
Toro said it now expects to report full-year net earnings in the range of $3.08 to $3.10 a share, up from its previous forecast of at least $3 a share. (Reuters)
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