Toro reports solid 2Q growth

BLOOMINGTON, Minn. - Citing sales growth in the professional sector of its business, the Toro Co. reported net earnings of $42.0 million on net sales of $495.8 million for its fiscal 2003 second quarter ended May 2, 2003. In the comparable fiscal 2002 period, the company reported net earnings of $38.1 million on net sales of $470.3 million.

Compared with the fiscal 2002 second quarter, fiscal 2003 second quarter professional segment sales increased 8.2 percent to $314.1 million. Professional segment volumes for the landscape contractor equipment category increased significantly. Improved field inventory position and new product introductions for Toro wide area mowers and Exmark ZRTs drove strong revenue increases in the segment. Irrigation products, a new line of Toro Groundsmaster products, as well as expansion in retail distribution of Siteworks Systems also contributed to the increase.