BLOOMINGTON, Minn. -- The Toro Company today reported record net earnings of $52.2 million, or $2.00 per diluted share, on record net sales of $548.0 million for its fiscal 2004 second quarter ended April 30, 2004. In its fiscal 2003 second quarter, Toro reported net earnings of $42.0 million, or $1.61 per diluted share, on net sales of $495.8 million.
For the six months ended April 30, 2004, Toro reported net earnings of
$61.5 million, or $2.36 per diluted share, on net sales of $861.6 million. In
the comparable fiscal 2003 period, Toro reported net earnings of
$49.0 million, or $1.89 per diluted share, on net sales of $791.8 million.
The company's results for the 2003 period included a one-time gain of
$0.08 per diluted share resulting from a legal settlement.
"We delivered the strongest quarter performance in our company's 90-year
history," said Kendrick B. Melrose, The Toro Company Chairman and Chief
Executive Officer. "Our financial results continue to be driven by strong
sales growth, primarily from products introduced within the past two years,
coupled with improved operating effectiveness and asset management."
Melrose said sharp growth in walk power mower shipments to the mass
channel, increased shipments in nearly all professional segment product
categories and strong growth in international shipments drove the
10.5% increase in second quarter net sales. "In our fiscal year to date, we
have also benefited from generally favorable weather, including
above-average winter snowfalls, a better spring than last year and a stronger
economy," said Melrose. Improved margins, higher shipments during the quarter
and favorable foreign currency effects all contributed to the strong second
quarter profitability.
"Our performance in the first half of fiscal 2004 gives us a great start
to our 6+8 three year growth and profitability improvement initiative," said
Melrose. "We are confident we can continue to strengthen our operating
margins, permitting more investment in innovation, new product development and
building our brands to generate top-line growth."