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Toro Co. Message Board

  • bluecheese4u bluecheese4u Aug 23, 2012 9:09 AM Flag

    The Toro Company Reports Record 2012 Third Quarter Results

    The Toro Company Reports Record 2012 Third Quarter Results

    Third quarter sales increase to $504 million; Year-to-date sales growth nearly 7 percent
    Net earnings per share for the quarter up 22 percent to a record $0.67
    Company now expects EPS for the year to be about $2.10, up 14 percent from last year

    BLOOMINGTON, Minn.--(BUSINESS WIRE)--Aug. 23, 2012-- The Toro Company (NYSE: TTC) today reported net earnings of $40.5 million, or $0.67 per share, on a net sales increase of 0.6 percent to $504.1 million for its fiscal third quarter ended August 3, 2012. In the comparable fiscal 2011 period, the company delivered net earnings of $35.1 million, or $0.55 per share, on net sales of $501 million.

    For the first nine months, Toro reported net earnings of $129.3 million, or $2.13 per share, on a net sales increase of 6.8 percent to $1,619.4 million. In the comparable fiscal 2011 period, the company posted net earnings of $112.6 million, or $1.76 per share, on net sales of $1,515.9 million.

    Earnings per share figures for all periods reported have been adjusted to reflect the effects of a 2-for-1 stock split effective June 29, 2012.

    “In May, we anticipated a slowdown in the second half of our fiscal year due to a more challenging economic environment and the impact the early start to spring had on the business. What we didn’t predict was the worst drought in over 50 years,” said Michael J. Hoffman, Toro’s chairman and chief executive officer. “We were still able to deliver favorable third quarter results in comparison to last year, but the combined impact of economic and weather conditions resulted in additional slowing of retail momentum and an increase in field inventory.”

    “Despite the recent drought conditions, there continues to be many positives in our businesses. Our market positions remain strong, benefitting from a strong portfolio of new products. Year-to-date retail continues to be ahead of last year for many of our businesses including golf and micro irrigation. Even walk power mower sales are ahead of last year. And our internal focus on quality, cost and productivity helped deliver improved operating performance.”

    “Given the effects of recent weather conditions, the ongoing economic struggles in Europe, and the desire to right size field inventory levels, we are adjusting our fourth quarter guidance as we prepare the company for a successful 2013.”

    The company now expects revenue growth for fiscal 2012 to be about 4 to 5 percent and net earnings to be about $2.10 per share, which continues to include the $0.08 negative earnings per share impact for investments related to the Astec and Stone product-line acquisitions.

    http://phx.corporate-ir.net/phoenix.zhtml?c=62289&p=irol-newsArticle&ID=1727984&highlight=

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    • Third quarter sales increase to $510 million and net earnings per share increase to $0.68
      • Quarterly results strengthened by improved market conditions and increased demand for residential and landscape contractor products
      • Company raises full-year earnings outlook on the strength of margin improvement
      Business WirePress Release: The Toro Company – Thu, Aug 22, 2013 8:30 AM EDT..
      The Toro Company (TTC) today reported net earnings of $40.1 million, or $0.68 per share, on a net sales increase of 1.2 percent to $509.9 million for its fiscal third quarter ended August 2, 2013. In the comparable fiscal 2012 period, the company delivered net earnings of $40.5 million, or $0.67 per share, on net sales of $504.1 million.

      For the first nine months, Toro reported net earnings of $149.9 million, or $2.53 per share, on a net sales increase of 2.4 percent to $1,659.1 million. In the comparable fiscal 2012 period, the company posted net earnings of $129.3 million, or $2.13 per share, on net sales of $1,619.4 million.

      “For the quarter, our results were strengthened by a summer growing season with favorable temperatures and precipitation levels as compared to last year’s severe drought conditions,” said Michael J. Hoffman, Toro’s chairman and chief executive officer. “The more desirable weather helped us drive retail sales across most of our businesses and, in particular, our residential business. In addition to realizing sales delayed in the prior quarter by adverse spring weather conditions, our residential business benefited from increased demand for our new and innovative products, including our Timecutter® zero turn radius riding products and our recently introduced line of lithium-ion battery-powered string and hedge trimmer

      Sentiment: Hold

 
TTC
60.17-0.41(-0.68%)Jul 29 4:01 PMEDT

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