Toro Posts 14.5-Percent Net Earnings Jump in Fiscal 2016

The Toro Co. posted $2.392 billion in net sales for its fiscal year ended Oct. 31 compared to $2.391 billion in fiscal 2015.

Michael Roth

Dec. 9, 2016

The Toro Dingo remains a primary driver in Toro39s success — The Toro Dingo remains a primary driver in Toro's success.

The Toro Co. posted $2.392 billion in net sales for its fiscal year ended Oct. 31 compared to $2.391 billion in fiscal 2015. For the fourth quarter net sales were $468.4 million, compared to $480.8 million in the fourth quarter of fiscal 2015.

Net earnings for fiscal 2016 were $231 million compared to $201.6 million in fiscal 2015, a 14.5-percent increase. For the fourth quarter net earnings were $30.2 million compared to $23.6 million in the year-ago quarter, a 28-percent leap.

“We are pleased to announce record earnings for fiscal 2016, driven by consistent performance and growth in our professional business,” said Richard Olson, Toro president and CEO. “New product introductions across the portfolio were favorably received and we made notable progress in reducing our inventory levels. Despite challenges presented by negative currency conditions and a lack of in-season snowfall, we benefited from solid demand for our golf equipment and irrigation products and we gained share in those markets. Similarly, we saw increased momentum in our landscape contractor, specialty construction and rental businesses due to the success of new products such as the Titan HD zero turn mower and the Dingo TX 1000.”

Toro Co. is based in Bloomington, Minn.

About the Author

Michael Roth

Editor

Michael Roth has covered the equipment rental industry full time for RER since 1989 and has served as the magazine’s editor in chief since 1994. He has nearly 30 years experience as a professional journalist. Roth has visited hundreds of rental centers and industry manufacturers, written hundreds of feature stories for RER and thousands of news stories for the magazine and its electronic newsletter RER Reports. Roth has interviewed leading executives for most of the industry’s largest rental companies and manufacturers as well as hundreds of smaller independent companies. He has visited with and reported on rental companies and manufacturers in Europe, Central America and Asia as well as Mexico, Canada and the United States. Roth was co-founder of RER Reports, the industry’s first weekly newsletter, which began as a fax newsletter in 1996, and later became an online newsletter. Roth has spoken at conventions sponsored by the American Rental Association, Associated Equipment Distributors, California Rental Association and other industry events and has spoken before industry groups in several countries. He lives and works in Los Angeles when he’s not traveling to cover industry events.