Toro rebounds from slow spring
Rebounding from a sluggish spring, the Toro Company reported third quarter 2018 net sales increased 4.4% to $655.8 million from third quarter 2017 net sales of $627.9 million.
The Bloomington, Minn.-based equipment manufacturer also reported third quarter net earnings of $79 million – more than a 15% increase from net earnings of $68.4 million in the third quarter last year.
Residential segment sales for the quarter increased 9.5% to $166.5 million from sales of $152.1 million for the same period a year ago.
Professional segment net sales for the third quarter were $482.5 million, up 3% from $468.6 million last year. Strong sales for the company’s landscape contractor equipment was the key driver of the positive results for the quarter, Toro said.
“As anticipated, we saw strong demand for our walk power and zero-turn mowers as our residential business rebounded nicely after the slow start to spring,” said Richard Olson, Toro chairman and CEO. “The success of new products also helped bolster sales in our landscape contractor businesses, which drove professional segment revenue growth for the quarter.”
Looking ahead, Olson noted that the company has already received strong orders for its plowing products as the company. However, risings manufacturing costs also loom.
“In an environment of increasing input costs, particularly for steel and freight, we are committed to leveraging operational efficiencies, with a continued emphasis on productivity to mitigate the inflationary pressures,” Olson said.
The Bloomington, Minn.-based equipment manufacturer also reported third quarter net earnings of $79 million – more than a 15% increase from net earnings of $68.4 million in the third quarter last year.
Residential segment sales for the quarter increased 9.5% to $166.5 million from sales of $152.1 million for the same period a year ago.
Professional segment net sales for the third quarter were $482.5 million, up 3% from $468.6 million last year. Strong sales for the company’s landscape contractor equipment was the key driver of the positive results for the quarter, Toro said.
“As anticipated, we saw strong demand for our walk power and zero-turn mowers as our residential business rebounded nicely after the slow start to spring,” said Richard Olson, Toro chairman and CEO. “The success of new products also helped bolster sales in our landscape contractor businesses, which drove professional segment revenue growth for the quarter.”
Looking ahead, Olson noted that the company has already received strong orders for its plowing products as the company. However, risings manufacturing costs also loom.
“In an environment of increasing input costs, particularly for steel and freight, we are committed to leveraging operational efficiencies, with a continued emphasis on productivity to mitigate the inflationary pressures,” Olson said.