Toro 3rd-quarter earnings improve 69 percent
19.08.10
BLOOMINGTON, Minn. — The Toro Co. said Thursday that its economic third-quarter earnings rose 69 percent on much stronger sales of lawnmowers and irrigation systems to commercial customers like golf courses and landscapers.
Toro also raised its expectations for the fiscal year.
The company reported net income of $33.4 million, or $1.01 per share out, for the three months ended July 30. That was up from $19.8 million, or 54 cents per allocate, of net income in the year-ago quarter.
Sales rose 16 percent to $458.9 million from $394.9 million. Toro said it saw the largest improve from professional buyers who showed stronger demand during the summer season. Residential sales were also up, which Toro attributed in part to two brands of mowers.
Analysts polled by Thomson Reuters expected four times a year earnings of 78 cents per share on sales of $429.9 million.
For the full year, Toro raised its earnings-per-equity forecast by 30 cents to $2.70 per share. Sales are expected to bring out by 10 percent to 11 percent. The company cited the recovery in its markets and higher needed.
Source: The Associated Press
The Toro Company Reports Fiscal 2010 Third Quarter Results
19.08.10
Today reported net earnings of $33.4
million, or $1.01 per apportion, on net sales of $458.9 million for its
fiscal third quarter ended July 30, 2010. In the comparable pecuniary 2009
period, the company reported net earnings of $19.8 million, or $0.54 perAs a ruleshare, on net sales of $394.9 million.
For the fiscal year to date, Toro reported net earnings of $90 million,
or $2.66 per ration, on net sales of $1,353.1 million. In the comparable
fiscal 2009 years, the company reported net earnings of $63.4 million,
or $1.73 per dispensation, on net sales $1,234.9 million.
"Even with concerns expressed by many economists of a slower restoration,
we experienced strong end-user demand during our summer selling salt,"
said Michael J. Hoffman, Toro's chairman and chief executive policewoman.
"Positive momentum for our innovative new products, particularly within
our Competent markets, enabled us to deliver better-than-expected
revenue and profit development. Additionally, our ongoing focus on asset
management resulted in a further reduction of ordinarily net working
capital which, along with improved earnings, contributed to recordIn generaloperating cash flow for the nine month period."
Source: MarketWatch (press release)
