Toro fiscal 3rd-quarter earnings rise 69 percent on professional sales, company boosts outlook

Toro 3rd-quarter earnings improve 69 percent

BLOOMINGTON, Minn. — The Toro Co. said Thursday that its fiscal third-quarter earnings rose 69 percent on much stronger sales of lawnmowers and irrigation systems to commercial customers like golf courses and landscapers.

Toro also raised its outlook for the fiscal year.

The company reported net income of $33.4 million, or $1.01 per share, for the three months ended July 30. That was up from $19.8 million, or 54 cents per share, of net income in the year-ago quarter.

Sales rose 16 percent to $458.9 million from $394.9 million. Toro said it saw the largest gain from professional buyers who showed stronger demand during the summer season. Residential sales were also up, which Toro attributed in part to two brands of mowers.

Analysts polled by Thomson Reuters expected quarterly earnings of 78 cents per share on sales of $429.9 million.

For the full year, Toro raised its earnings-per-share forecast by 30 cents to $2.70 per share. Sales are expected to rise by 10 percent to 11 percent. The company cited the recovery in its markets and higher demand.

Analysts foresee $2.49 per share in earnings on sales of $1.63 billion.