Outdoor appliance maker The Toro Company announced that it expects earnings for its fiscal first quarter ended Jan. 30, 2004 to range from U.S. $0.34 to $0.36 per diluted share, on stronger than expected sales and improved operating performance. The company had earlier forecast first-quarter net earnings of $0.15 to $0.20 per diluted share.
In the comparable fiscal 2003 period, Toro reported $0.27 per diluted share, which included a one-time gain of $0.08 resulting from a legal settlement.
Kendrick B. Melrose, Toro's chairman and CEO, said the first-quarter results benefited from stronger than expected sales across some businesses, improved operating performance resulting from continued momentum of the company's "5 by Five" profit improvement initiative, as well as the beneficial impact of one-time items and timing of certain planned expenses.
The company plans to report its fiscal 2004 first-quarter results on Feb. 24, before the start of New York Stock Exchange trading, and will provide further commentary on its first-quarter performance and fiscal 2004 outlook at that time.
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