The Toro Company just wrapped up a record first quarter (Nov-Jan) posting a 6.1% sales increase, largely due to solid performance across its professional businesses. Net earnings for the quarter were up 14.6% to a record $0.41 per share.
Professional segment net sales for the first quarter were up 9.7% from last year. New product introductions such as the Toro-branded Titan HD and the Exmark-branded Radius zero-turn riding mowers have been well received by customers, which generated positive momentum for the quarter. Similarly, the Boss snow and ice management business also saw the benefits of new products paired with favorable snowfall across much of the Midwest.
“In our micro-irrigation business, we are pleased by the success of our Aqua-Traxx tape products with flow control,” said Richard M. Olson, Toro’s president and chief executive officer. “At the recent Golf Industry and Sports Turf Manager Shows, excitement continues for the GTX utility vehicle line that combines tremendous versatility with uncompromising ride quality.”
Residential segment net sales for the first quarter were down 2.7% from last year. Retail demand for Toro’s line of snowthrowers, including the new SnowMaster, was positive in North America. Sales of walk power mowers were also favorable in southern climates. As expected, the results were impacted by a shift in demand for zero-turn riding mowers experienced in the comparable period last year. This prior shift was not repeated in the current quarter due to improved product availability and a return to more normalized shipment timing.
