Toro just wrapped up its fiscal fourth quarter on October 31, finishing its record-setting fiscal 2014 on a very strong note.
Fourth-quarter sales were up 8.4% compared to one year ago.
For the entire fiscal year, sales were up 6.4% to a record level of roughly $2.2 billion.
Professional Segment sales specifically were up 3.7% for the year. Residential Segment sales were up 13.1%.
“Fiscal 2014 was a significant year for The Toro Company for many reasons,” said Michael J. Hoffman, Toro’s chairman and chief executive officer. “We delivered record sales, operating earnings and earnings per share, which enabled us to successfully achieve our Destination 2014 revenue and profitability targets. We celebrated our Centennial and officially launched the company’s second century. We entered into and subsequently closed the largest acquisition in our history with the addition of the Boss professional snow and ice management business. Finally, we returned almost $150 million to our shareholders through the payment of $45 million in dividends and the repurchase of more than 1.6 million shares of our common stock.”
Looking ahead to 2015, Hoffman had this to say: “We are cautiously optimistic. Our end markets are sound. Contractors will seek productivity-enhancing solutions for maintaining turf and managing snow and ice. Golf course renovations and development will progress in key markets. Around the world, customers will transition to more efficient methods of irrigation, particularly for agricultural use. Commercial and residential development and infrastructure improvements will continue, and homeowners will replace their lawn, snow and handheld products.”