Fri, Sep 19, 2014, 10:16 AM EDT - U.S. Markets close in 5 hrs 44 mins

Recent

% | $
Quotes you view appear here for quick access.

Toro Co. Message Board

  • bluecheese4u bluecheese4u Feb 21, 2008 1:47 PM Flag

    TORO REPORTS RECORD FIRST QUARTER SALES AND NET EARNINGS

    TORO REPORTS RECORD FIRST QUARTER SALES AND NET EARNINGS


    · Net sales up 7 percent to $405.8 million

    · International sales up 19.5 percent

    · Earnings from operations up 15.2 percent

    · Net earnings per share up 6.8 percent to $0.47



    BLOOMINGTON, Minn. (Feb. 21, 2008) – The Toro Company (NYSE: TTC) today reported record net sales and net earnings for its fiscal 2008 first quarter ended February 1, 2008.


    Net earnings for the quarter totaled $18.6 million, or $0.47 per share, on net sales of $405.8 million. In the comparable fiscal 2007 period, Toro reported net earnings of $18.5 million, or $0.44 per share, on net sales of $379.1 million.


    “Sales grew in both our professional and residential segments due to strong contributions from our international business,” said Michael J. Hoffman, chairman and chief executive officer. “In addition, with our continued focus on asset management, we reduced both accounts receivable and inventory. While we’re concerned about the increasing domestic economic uncertainty, we believe our competitive position is strong and we are well-positioned for the upcoming season.”


    SEGMENT RESULTS


    Professional


    · Professional segment net sales for the fiscal 2008 first quarter increased 7.7 percent to $293.2 million. International sales growth continued in most professional businesses including strong demand from golf and grounds equipment customers. Also contributing to the increase were favorable currency effects and the acquisition of Rain Master™. Partially offsetting this increase was a decline in domestic landscape equipment sales, mainly due to reductions in field inventory.

    · Professional segment earnings for the fiscal 2008 first quarter were $52.5 million, up $4.2 million compared with the fiscal 2007 first quarter. The increase was mainly due to higher revenues, favorable currency changes and product mix.



    Residential


    · Residential segment net sales for the fiscal 2008 first quarter increased 6.2 percent to $108.2 million. The increase resulted primarily from strong sales of snowthrowers and continued demand for the new and innovative Toro® TimeCutter® zero-turning-radius mowers, which were somewhat offset by a decline in walk power mowers due to timing of shipments.

    ·
    Residential segment earnings for the fiscal 2008 first quarter were $2.8 million, down $1.6 million compared with the fiscal 2007 first quarter. The decrease was primarily due to lower gross margin as a result of increased freight expense and higher tooling associated with new product investments.



    REVIEW OF OPERATIONS


    Gross margin for the fiscal 2008 first quarter was 36.8 percent compared with 36.9 percent in the comparable fiscal 2007 period. The slight decline in fiscal 2008 first quarter gross margin reflects mainly higher freight costs compared with the prior year’s first quarter.


    SG&A expenses for the fiscal 2008 first quarter improved to 28.9 percent of net sales from 29.6 percent in last year’s first quarter. The improvement resulted primarily from last year’s one-time retirement plan contribution expense and leveraging of fixed costs over higher sales. This was somewhat offset by higher marketing spending and additional investments in engineering.


    Interest expense for the quarter was up $0.4 million, or an increase of 8.8 percent, compared to the prior year’s first quarter.


    The effective tax rate for the first quarter of fiscal 2008 was 35.4 percent compared with 28.2 percent in the fiscal 2007 first quarter. Last year’s tax rate reflected the retroactive reinstatement of the federal research and engineering tax credit.


    Accounts receivable at the end of the fiscal 2008 first quarter totaled $344.7 million, down $12.5 million or 3.5 percent, on a



    http://www.sec.gov/Archives/edgar/data/737758/000073775808000007/exhibit99.htm

 
TTC
58.71-0.25(-0.42%)10:15 AMEDT

Trending Tickers

i
Trending Tickers features significant U.S. stocks showing the most dramatic increase in user interest in Yahoo Finance in the previous hour over historic norms. The list is limited to those equities which trade at least 100,000 shares on an average day and have a market cap of more than $300 million.