Toro Profits Climb with Early Contractor Orders

CHICAGO, Ill. – Toro Co. has announced that its quarterly net income climbed from a year before on improved demand and the weaker dollar.

The Bloomington, Minnesota-based manufacturer said snowthrower shipments, helped by snowy weather in the eastern United States, and strong early orders for landscape contractor products helped boost earnings in the first quarter, which is typically a slower period.

Toro said its net income in the first quarter ended Jan. 30 jumped to $9.3 million, or 36 cents a share, from $7.0 million, or 27 cents a share, the year before.

Earlier this month, the company had raised its first-quarter earnings outlook to a range of 34 cents to 36 cents a share, from its prior guidance of 15 cents to 20 cents.

Sales in the quarter climbed to $313.6 million from $296.0 million. The company said it expects its full-year per-share profit to rise 14 percent to 18 percent over 2003’s $3.12 a share, on an expected 7- to 9-percent rise in revenue.

For the second quarter, Toro projected earnings of $1.80 to $1.90 a share.

Source: Reuters