BLOOMINGTON, Minn. – The Toro Co. announced its earnings on Wednesday, Feb. 20, for its first quarter, which ended Feb. 1, 2002. The lawn-equipment manufacturer reported revenues of $277.9 million, compared to $280.4 million during the same period last year.
Kendrick B. Melrose, chairman and chief executive officer, explained that increased sales of blowers, trimmers and irrigation contributed to the company’s revenues in the lagging economy.
During the first quarter, professional segment sales posted a 4.5 percent decline since last year. Commercial equipment, Toro-branded turf irrigation and landscape contractor sales were also down.
Despite the decline in sales, Melrose noted that the company is raising its expectations for the year due to a more favorable outlook for its key businesses. “Our momentum is still very good as we enter the important spring season,” he remarked. “The landscape contractor market continues to look healthy, and the prospects for the golf market should improve over last year.”
Toro’s stock is now trading at a 52-week high of $52.10 a share.
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