Friday, May 22, 2015

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

Private equity firm acquires Signature Landscape Services

A former ValleyCrest executive stakes his claim in the northwest and looks to build a West Coast company.

A conversation with the Top 100

Leaders from the Top 100 discuss the biggest challenges facing their companies and how they’re solving them. Turns out, their solutions work for landscapers of any size.

Let results do the marketing

The best way to market your company is to do high-quality work.

Kubota relocates to Texas

The company's headquarters will move from Torrance, Calif., to Grapevine, Texas.

Bigger isn’t always better

Manufacturers have spent time and money updating their compact excavators.

x