Toro Company drives record revenues

As the company posted record sales figures, Toro CEO Michael J. Hoffman pointed to positive momentum with early snow preseason sales.

The company, which is now in its second century of business, said the addition of the BOSS snow and ice management line is also producing optimism.

Net earnings for the full year were up 15.9% to $201.6 million, as net sales grew 10.0% to $2.391 billion.

“The successful integration of BOSS played a significant role in achieving our revenue growth of 10 percent for the year, we saw the benefit of favorable weather conditions, and the launch of several new products were well received by our customers,” said Hoffman. “In fact, our new product vitality index showed an increase for the year compared to fiscal 2014, and we are confident that metric will be even higher in fiscal 2016.”

Residential segment net sales for fiscal 2015 were $725.7 million, up 7.9% from $672.4 million last year. Professional segment net sales for fiscal 2015 totaled $1.640 billion, up 11.0% from $1.478 billion last year.

For fiscal 2016, the company expects revenue growth to be about 4%.

Toro Company

Net earnings

FY15: $201.6 million

FY14: $173.9 million

% change: +15.9%

Q415: $23.6 million

Q414: $10.9 million

% change: +116.5%

Net sales

FY15: $2.391 billion

FY14: $2.173 billion

% change: +10.0%

Q415: $480.8 million

Q414: $414.1 million

% change: +16.1%