The Toro Company reported net earnings of US$6.7 million on net sales of $340.2 million for its fiscal first quarter ended Jan. 30, 2009.
"We are operating in an extremely challenging business environment with revenue uncertainties, as well as overall currency and commodity pressures," said Michael J. Hoffman, Toro’s chairman and CEO. "As a result of our continued focus on working capital, we have brought down inventories, lowered short-term borrowings by $60 million compared to last year’s first quarter, and strengthened our balance sheet. Additionally, field inventories are down from last year’s levels."
Toro's Professional segment net sales were $229.4 million, down 22.3% from the comparable fiscal 2008 period. Residential segment net sales were $107 million, up slightly from the comparable fiscal 2008 period.
"We expect the global recessionary conditions to continue for the remainder of our fiscal year," Hoffman added. He said that the company currently expects fiscal 2009 revenues to decline about 15% from fiscal 2008.
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