The Toro Company reported fiscal first quarter net earnings of $31.4 million, with net sales up 4.9% to $444.7 million. Toro's fiscal 2013 first quarter ended Feb. 1, 2013.
In Toro's fiscal year 2012 first quarter it reported net earnings of $19.9 million on net sales of $423.8 million.
"Our record-setting first quarter, driven by particularly strong channel demand for large turf equipment and the continued growth of micro irrigation sales, propelled us to a solid start for the year," said Michael J. Hoffman, Toro's chairman and CEO.
Hoffman added, "Barring new economic headwinds, we anticipate the momentum our golf, landscape contractor and micro irrigation businesses enjoyed this past quarter will carry into spring. Our residential business retail potential looks solid as well. Recent snowfall across our primary snow markets, including the record-breaking blizzard that struck the Northeast, generated additional revenue for our contractor customers and is helping clear field inventories, thus boosting prospects for our autumn pre-season snow sales."
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