Toro rides high in Q1
The Toro Company reported first quarter 2020 sales jumped 27.3% to $767.5 million from first quarter 2019 sales of $603 million.
First quarter net earnings for the Bloomington, Minn.-based equipment manufacturer increased 17.7% to $70.1 million compared to net earnings of $59.5 million for the same period a year ago.
Professional segment net sales for the first quarter increased 30.7% to $594.7 million from $455.0 million in the same period last year.
Residential segment net sales for the first quarter increased 14.3% to $165.8 million from $145.2 million in the first quarter 2019.
Earlier this week, Toro completed the acquisition of Venture Products, Inc., the manufacturer of Ventrac-branded products. Based in Orrville, Ohio, Ventrac produces articulating turf, landscape, and snow and ice management equipment for the grounds, landscape contractor, golf, municipal and rural acreage markets.
Terms of the deal were not disclosed.
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The Bottom Line: Sales soar 27.3% to $767.5 million in Q1 while profits jump 17.7% to $70.1 million.
What the CEO said: “Fiscal 2020 is off to a solid start, fueled by revenue growth and gross margin expansion in the quarter that builds on similar results last year,” said Richard Olson, Toro Company chairman and CEO.
“The integration of Charles Machine Works is progressing ahead of our original expectations as we approach the first anniversary of the acquisition, and we are on track to achieve our synergy goals. Among the many key initiatives that we expect will contribute to our fiscal year, we are excited about expanding our residential product reach through our new placement with the Tractor Supply Company. In fact, we believe all our channel partners will benefit from the refreshed products, branding and marketing.”
Company info: The full first quarter 2020 report from the Toro Company is available here.
First quarter net earnings for the Bloomington, Minn.-based equipment manufacturer increased 17.7% to $70.1 million compared to net earnings of $59.5 million for the same period a year ago.
Professional segment net sales for the first quarter increased 30.7% to $594.7 million from $455.0 million in the same period last year.Residential segment net sales for the first quarter increased 14.3% to $165.8 million from $145.2 million in the first quarter 2019.
Earlier this week, Toro completed the acquisition of Venture Products, Inc., the manufacturer of Ventrac-branded products. Based in Orrville, Ohio, Ventrac produces articulating turf, landscape, and snow and ice management equipment for the grounds, landscape contractor, golf, municipal and rural acreage markets.
Terms of the deal were not disclosed.
###
The Bottom Line: Sales soar 27.3% to $767.5 million in Q1 while profits jump 17.7% to $70.1 million.
What the CEO said: “Fiscal 2020 is off to a solid start, fueled by revenue growth and gross margin expansion in the quarter that builds on similar results last year,” said Richard Olson, Toro Company chairman and CEO.
“The integration of Charles Machine Works is progressing ahead of our original expectations as we approach the first anniversary of the acquisition, and we are on track to achieve our synergy goals. Among the many key initiatives that we expect will contribute to our fiscal year, we are excited about expanding our residential product reach through our new placement with the Tractor Supply Company. In fact, we believe all our channel partners will benefit from the refreshed products, branding and marketing.”
Company info: The full first quarter 2020 report from the Toro Company is available here.