Toro reports on a 'record' Q1

The Toro Company got a good head start to its fiscal 2016 year, and it's hitting the ground running with a new product lineup for the year as well.

Net sales for the quarter were up 2.6% to a record $486.4 million, according to the company.

Net earnings of $39.3 million were also up from the previous year's $31.0 million.

“We are very encouraged by the positive start to the fiscal year, delivering record results for the first quarter,” said Michael Hoffman, Toro’s chairman and CEO. “Our residential business benefited from strong demand for zero-turn riding mowers. Strong sales of our landscape contractor equipment, increased demand for our specialty construction equipment and higher sales of golf irrigation products also contributed to the positive start to the fiscal year.”

“With an ongoing focus on innovation, we are excited about our new product lineup across our businesses for fiscal 2016," added Hoffman. "Most recently, our new golf equipment and irrigation products received a positive reception at the Golf Industry Show in San Diego, California last week. New products such as the Workman light-duty vehicle and the enhanced product offerings for our INFINITY Series golf sprinkler were well received by those attending the show."

The company issued its guidance for the year, with expected revenue growth of about 4%, and net earnings per share at about $3.85 to $3.95 for the year. For the second quarter, the company expects net earnings per share to be about $1.75 to $1.80.