The Toro Co. reported net earnings of $87.1 million on a net sales increase to $745 million for its fiscal second quarter ended May 2. In the same period a year ago, Toro posted net earnings of $78.4 million, on net sales of $704.5 million. Net earnings increased 11.1 percent year over year, while net sales jumped 5.7 percent for the Bloomington, Minn.-based manufacturer.
Professional segment net sales for the quarter reached $528.6 million, a 6.5-percent year-over-year increase. Residential segment net sales totaled $210.4 million, a 4.5 percent hike.
“I’m proud of our team’s execution that delivered record sales and earnings for the quarter despite challenging spring weather conditions for the second straight year,” said Michael Hoffman, Toro’s CEO. “Although retail sales of some residential products were hampered by the late spring, we experienced strong growth in our landscape maintenance business. Contractors who benefited from the robust snow season last winter invested in more new turf equipment during the quarter, favoring our productivity-enhancing mowers.
“As we approach our Centennial and look ahead to the end of our Destination 2014 journey, we remain encouraged about our business and prospects for achieving our goals.”
Toro continues to expect revenue growth for fiscal 2014 to be about 5 to 6 percent.