The Toro Company reported net earnings of $78.4 million in the second quarter of its fiscal year, up from net earnings of $68.8 million in the same quarter of the previous year.
In the second quarter, which ended May 3, 2013, sales were up 1.9%, to $704.5 million, from $691.5 million in the same quarter of the previous year.
In the first six months of 2013, Toro reported net earnings of $109.8 million, up from $88.7 million in the first half of 2012.
Net sales were up 3% to $1,149.1 million, from $1,115.3 million in the first half of 2012.
"We achieved record sales and earnings in the quarter, despite this year's challenging weather pattern compared to a year ago," said Michael J. Hoffman, Toro's chairman and CEO. "In 2012, we enjoyed ideal spring conditions with a warm, early start to the season, while this year much of North America and Europe have dealt with unusually cold weather. These conditions delayed sales, especially of our residential products which are more immediately impacted by weather. Improved market conditions for some of our professional customers, combined with new products and solid execution, fueled shipment growth that offset the delay of our residential shipments. Through the first six months, our golf and micro irrigation businesses have been strong, and our professional sales in Europe and Asia are ahead of last year."
Professional segment net sales in the fiscal year second quarter were $496.4 million, up 8.9% from the FY 2012 2Q.
Toro now expects revenue growth for fiscal 2013 to be about 3% - 4%.
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