The Toro Co. this week reported net earnings of $93.2 million, or $2.79 per share, on net sales of $1.69 billion for its fiscal year ended Oct. 31. In fiscal 2009, the company delivered net earnings of $62.8 million, or $1.73 per share, on net sales of $1.52 billion.
For the fourth quarter, Toro reported net earnings of $3.2 million, or $0.10 per share, on net sales of $337.3 million. In the comparable fiscal 2009 period, the company reported a net loss of $0.5 million, or $0.02 per share, on net sales $288.6 million.
“For Toro, it was a year marked by many successes and a return to change in the right direction,” said Michael Hoffman, Toro’s chairman and CEO. “Investments we made during the downturn, along with renewed strength in our end markets, particularly worldwide golf and landscape contractors, have our revenues and profits growing once again. New product innovation was a key contributor to our growth, helping increase penetration in key categories.
“I am also pleased to announce that we are moving forward with a new manufacturing plant in Eastern Europe to serve increasing demands for precision irrigation in agriculture in that region. The move will put Toro closer to this growing market as micro irrigation becomes both a larger part of our business and of irrigated agriculture around the world due to its more efficient use of water.”
The company currently expects fiscal 2011 net earnings to be about $3.20 per share on a revenue increase of about 5 percent. For its seasonally smaller fiscal first quarter, the company expects to report net earnings of about $0.40 per share.
The Toro Co., Bloomington, Minn., is a worldwide provider of outdoor maintenance equipment and beautification products to help customers care for golf courses, sports fields, public green spaces, commercial and residential properties, and agricultural fields.