Toro isn’t the only Green Industry company to have been challenged by the late start to spring this year. But the Minnesota-based manufacturer of lawn, snow and landscaping equipment has definitely recovered.
According to the company’s recently published 2014 third-quarter sales report, for the period ending August 1, third-quarter sales jumped 11.3% from the same period a year ago. Professional segment sales specifically were up 11.9%. Residential segment sales were up 13%.
2014 sales as a whole are pacing ahead of last year. One might suspect that the third-quarter sales jump is primarily attributable to a shift in sales from the second quarter to the third due to the late spring. That’s likely true, to some degree. But Toro’s second-quarter sales (through April) were also up—roughly 6%, as a matter of fact.
For the first nine months of its fiscal year (November-July), Toro’s sales are up 6% to $1.759 billion. Professional segment sales are up 3.4%. Residential segment sales are up 11.7%.
Michael Hoffman, Toro’s chairman and CEO, says that favorable growing conditions in key markets have helped drive strong retail activity. Landscape contractors continue to invest in productivity-enhancing equipment. Channel partners (i.e. distributors, dealers and other retailers) have shown strong early demand for snow removal products. Demand for Toro’s golf and irrigation products also remain strong.
Toro will close out its fiscal year at the end of October.
