The Toro Company Reports Record Second Quarter Results
The Toro Company (NYSE: TTC) today reported net earnings of $68.8 million, or $2.26 per share, on net sales of $691.5 million for its fiscal second quarter ended May 4, 2012. In the comparable fiscal 2011 period, the company delivered net earnings of $60.3 million, or $1.88 per share, on net sales of $631.6 million.
For the first six months, Toro reported net earnings of $88.7 million, or $2.91 per share, on net sales of $1,115.3 million. In the comparable fiscal 2011 period, the company posted net earnings of $77.5 million, or $2.41 per share, on net sales of $1,014.8 million.
“While a portion of our results was the benefit of an accelerated spring, we are hopeful the early start will extend the selling season and drive incremental sales,” said Hoffman. “Our product line-up is strong, our core businesses are well positioned, and our investments in light construction, hardscapes and rental products will contribute to future growth. We are raising our outlook for the year, even against a backdrop of a challenging sales environment in Europe, and an anticipated soft snowthrower pre-season ahead of us.”
The company now expects revenue growth for fiscal 2012 to be about 7 to 8 percent and net earnings to be about $4.30 per share, which includes the $0.15 to $0.20 negative earnings per share impact for investments related to the Astec and Stone product line acquisitions.
Toro also announced today that its Board of Directors has declared a two-for-one split of the company’s common stock, which will be effected in the form of a 100 percent stock dividend. The stock dividend will be distributed June 29 to shareholders of record as of June 15.