The Toro Company said sales in its fiscal year 2010 were up 11% to $1.7 billion, with double-digit growth in both Professional and Residential segments of outdoor power equipment. Fourth quarter sales were up 17%.
Toro reported net earnings of $93.2 million on net sales of $1,690.4 million for its fiscal year ended Oct. 31, 2010. In fiscal 2009, the company delivered net earnings of $62.8 million on net sales of $1,523.4 million.
Toro reported fourth quarter net earnings of $3.2 million on net sales of $337.3 million, compared to 4Q 2009's net loss of $0.5 million on net sales $288.6 million.
Residential segment net sales for fiscal 2010 totaled $589.7 million, up 10.7% from 2009. Riding products posted strong gains fueled by expanded placement for Toro's competitively priced TimeCutter zero-turn mowers and continued strong demand for Titan zero-turn mowers. Snow shipments were higher, benefiting from lean field inventory levels entering the season and positive customer acceptance for a redesigned line of snow throwers.
For the fourth quarter, residential segment net sales were $127.1 million, up 9.6% compared with the same period last year.
Residential segment earnings for fiscal 2010 were $58 million, up $11.6 million from last year. For the fourth quarter, residential segment earnings were $8.8 million, down $5.5 million compared with the same period last year.
"For Toro, it was a year marked by many successes and a return to change in the right direction," said Michael J. Hoffman, Toro's chairman and CEO. "Investments we made during the downturn, along with renewed strength in our end markets, particularly worldwide golf and landscape contractor, have our revenues and profits growing once again."
Professional segment net sales were $1,085.5 million in 2010, up 12.4% from 2009. Professional segment earnings for fiscal 2010 totaled $173.8 million, up $46.1 million from last year.
"We are encouraged with the improving health of our business and prospects for the future," said Hoffman. "We expect growth to come from a number of areas including international new golf development, the residential shift to zero-turn mowers, and continued momentum for precision irrigation solutions and landscape contractor equipment."
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