Toro Profit Rises as Orders Pick Up Feb 26, 2004

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Toro Company, the lawn-care equipment maker, has announced that its quarterly net income rose from a year before on improved demand and the weaker dollar.

The Bloomington, MN, U.S.-based company said snow thrower shipments, helped by snowy weather in the eastern United States, and strong early orders for landscape contractor products helped boost earnings in the first quarter, which is typically a slower period.

Toro said its net income in the first quarter ended Jan. 30, 2004 rose to U.S. $9.3 million, or $0.36 a share, from $7 million, or $0.27 a share, the year before.

Earlier this month, the company had raised its first-quarter earnings outlook to a range of $0.34 to $0.36 cents a share, from its prior guidance of $0.15 to $0.20.

Sales in the quarter climbed to $313.6 million from $296 million.

The company said it expects its full-year per-share profit to rise 14 percent to 18 percent from 2003's $3.12 a share, on an expected 7 percent to 9 percent rise in revenue.
For the second quarter, Toro projected earnings of $1.80 to $1.90 a share.

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