Toro Co. said its third-quarter profit dropped 48%. For the quarter ended July 31, Toro earned US$19.8 million compared with $38.2 million a year ago.
Sales dropped 20% to $394.9 million from $492.6 million last year. Professional segment sales, which includes golf maintenance equipment as well as commercial and landscape contractor equipment, dropped 27% to $260.9 million, while residential segment sales rose 1.2% to $126.2 million on demand for walk power mowers and riding products.
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