Sales to the Rental Channel Helps Drive Toro’s Increase in Fiscal Second Quarter
The Toro Co. reported net earnings of $120.5 million or $1.08 per share on a net sales increase of 4.3 percent to $872.8 million for its fiscal second quarter ended May 5. In the same period a year ago, net earnings were $105.7 million or $0.94 per share, on net sales of $836.4 million.
For the first six months of the fiscal year, net earnings were $165.5 million compared to $144.9 million a year ago, a 14.2-percent rise. Net sales for the six-month period were $1,388.6 million compared to $1,322.8 million a year ago, a 5-percent hike.
“Solid performance in both our professional and residential segments contributed nicely to the revenue growth we achieved for the quarter,” said Richard Olson, Toro’s president and CEO. “We were also pleased by the performance of our rental and specialty construction businesses. Expanding our product lineup, particularly in the rental channels, has been successful.”
The company expects revenue growth for fiscal 2017 to be about 4.5 percent and net earnings per share to increase to about $2.35.
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.