Wednesday, October 01, 2014

Home News Toro reports record 2012 third quarter results

Toro reports record 2012 third quarter results

Supplier News

Sales increase to $504 million, year-to-date sales growth nearly 7 percent.

| August 24, 2012

The Toro Company reported net earnings of $40.5 million, or $0.67 per share, on a net sales increase of 0.6 percent to $504.1 million for its fiscal third quarter ended August 3, 2012. In the comparable fiscal 2011 period, the company delivered net earnings of $35.1 million, or $0.55 per share, on net sales of $501 million.

For the first nine months, Toro reported net earnings of $129.3 million, or $2.13 per share, on a net sales increase of 6.8 percent to $1,619.4 million. In the comparable fiscal 2011 period, the company posted net earnings of $112.6 million, or $1.76 per share, on net sales of $1,515.9 million.

Earnings per share figures for all periods reported have been adjusted to reflect the effects of a 2-for-1 stock split effective June 29, 2012.

“In May, we anticipated a slowdown in the second half of our fiscal year due to a more challenging economic environment and the impact the early start to spring had on the business. What we didn’t predict was the worst drought in over 50 years,” said Michael J. Hoffman, Toro’s chairman and chief executive officer. “We were still able to deliver favorable third quarter results in comparison to last year, but the combined impact of economic and weather conditions resulted in additional slowing of retail momentum and an increase in field inventory.”

The company now expects revenue growth for fiscal 2012 to be about 4 to 5 percent and net earnings to be about $2.10 per share, which continues to include the $0.08 negative earnings per share impact for investments related to the Astec and Stone product-line acquisitions.

Top news

Finding the right fleet

Focus on the jobs at hand when buying a new truck.

JDL acquires The Stockyard Horticultural Supply

John Deere Landscapes will now be able to increase its presence with the retail and wholesale nursery.

Ruppert Landscape hires business developer

Theresa Pickett will work out of the company's Frederick Landscape Management Branch.

PERC's propane videos show industry success

The Straight Talk Videos feature landscapers sharing real-world examples of advantages of propane.

Nemetschek Vectorworks releases 2015 software

The new version contains more than 100 updates and new features including cloud and mobile solutions.

x