Toro Posts Profit, Boosts Outlook Aug 26, 2003

Printable format  Email this Article  Search

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)

Back to Daily News