The Toro Co. reported net earnings of $201.6 million on a net sales increase of 10 percent to $2.391 billion for its fiscal year ended Oct. 31. In fiscal 2014, Toro posted net earnings of $173.9 million on net sales of $2.173 billion.
For its fiscal fourth quarter, Toro reported net earnings of $23.6 million on a net sales jump of 16.1 percent to $480.8 million, compared to net earnings of $10.9 million a year ago on net sales of $414.1 million.
“Early this last year, as The Toro Co. entered its second century, we were optimistic about the months ahead due to the addition of the Boss snow and ice management business, the positive momentum we were experiencing with early snow preseason sales, and a broad line-up of innovative new products for fiscal 2015,” said Michael Hoffman, Toro chairman and CEO. “As the year progressed, that optimism proved accurate and we were able to sustain strong retail momentum across our businesses. The successful integration of Boss played a significant role in achieving our revenue growth of 10 percent for the year, we saw the benefit of favorable weather conditions, and the launch of several new products was well received by our customers.”
The company expects revenue growth of about 4 percent in fiscal 2016.