Toro has reported net earnings of $53.3 million, or $0.94 per share, on a net sales increase of 7.4 percent to $609.6 million for its fiscal third quarter ended July 31, 2015. In the comparable fiscal 2014 period, the company delivered net earnings of $50 million, or $0.87 per share, on net sales of $567.5 million.
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“Favorable summer growing conditions, particularly in our domestic markets, coupled with the success of new product introductions drove increased retail sales for the quarter,” said Michael J. Hoffman, Toro’s chairman and chief executive officer. “On behalf of our global team, we are pleased to deliver record third-quarter results as we benefit from the growth provided by the recent acquisition of the BOSS line of snow and ice management products as well as ongoing demand for our Toro and Exmark branded landscape contractor equipment. We also saw strong growth in our specialty construction business and consistent performance in our residential segment, driven by solid world-wide demand for zero-turn riding mowers and domestic demand for walk power mowers."
For the first nine months, Toro reported net earnings of $178 million, or $3.13 per share, on a net sales increase of 8.6 percent to $1.910 billion. In the comparable fiscal 2014 period, the company posted net earnings of $163 million, or $2.82 per share, on net sales of $1.759 billion.
“Now in our fourth quarter, we are encouraged by the strong retail sales results we are seeing across our businesses,” Hoffman said. “We will manage the impacts of unfavorable foreign currency rate conditions, which are expected to continue, as well as the extended drought-like conditions in certain regions of the country. We are seeing solid fourth quarter demand for residential and professional snow and ice management products on the heels of a strong snow season in North America in fiscal 2014. We believe that we are well-positioned with our portfolio of innovative products to drive market share, grow revenue and deliver strong full-year results.”
The company has raised its full-year earnings outlook to about $3.50. Similarly, expected full-year revenue for fiscal 2015 has been refined to about 10 percent, a change from the previous expectation of about 8 to 10 percent.
