The Toro Company has reported net earnings of $17.3 million, or $0.53 per share, on net sales of $383.2 million for its fiscal first quarter ended January 28, 2011. In the comparable fiscal 2010 period, the company delivered net earnings of $10.9 million, or $0.32 per share, on net sales of $331.4 million. A Record level of new products is driving early season demand.
"Fiscal 2011 is off to a good start," said Michael J. Hoffman, Toro's chairman and chief executive officer. "We are pleased with the ongoing recovery of our professional businesses driven by excitement around our new innovations and improving market conditions. Significant snowfalls drove strong retail demand for snow products, which helped the quarter, and also provided revenue for landscape contractor customers which will support purchases of mowing equipment as we head into spring."
The company now expects fiscal 2011 net earnings to be about $3.40 per share on a revenue increase of about 7 percent. For its fiscal 2011 second quarter, the company expects to report net earnings of about $1.58 per share.
"Customer confidence in our markets is continuing to build," said Hoffman. "Professional customers are beginning to reinvest in their businesses, and we are well positioned with a record level of new products to drive retail demand and increase our market share. While always mindful of the impact of Mother Nature on our business, we are optimistic about the selling season ahead."
To read the full report, visit Toro Investor Information.