The Toro Company reported record fiscal third quarter net earnings of $40.3 million on record net sales of $477.9 million for the quarter ended Aug. 4, 2006. In the comparable fiscal 2005 period, the company reported net earnings of $34.4 million on net sales of $466.9 million.
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For the nine months ended Aug. 4, Toro reported record net earnings of $124.7 million on record net sales of $1,506.5 million. In the comparable fiscal 2005 period, the company reported net earnings of $107.5 million on net sales of $1,442.3 million.
Michael J. Hoffman, The Toro Company's chairman and CEO, says Toro is on track for another record year as growth in worldwide professional segment sales and earnings continued to offset slight declines in domestic residential segment results.
"We remain focused on advancing our market leadership positions with innovative products and strengthening customer relationships," Hoffman says. "We are also realizing profitability improvement through our company-wide lean initiatives, thereby enabling us to deliver strong, consistent financial results. Despite challenging market conditions, we expect to meet our fiscal 2006 guidance for earnings per share growth."