As profits dip, Toro professional sales surge in Q2
The Toro Company reported second quarter 2022 net sales increased 8.7% to $1.25 billion from sales of $1.15 billion in the second quarter of fiscal 2021.
Residential segment sales for the second quarter were $319.7 million, up 1.5% compared with $315 million in the same period last year. ‘
The increase in residential sales was driven by a net price realization and higher shipments of zero-turn riding mowers. Growth was partially offset by lower sales of walk-power mowers and portable-power products due to the delayed spring weather patterns across many parts of country, Toro said.
Professional segment sales for the second quarter were $925.8 million, up 11.8% compared with $828.4 million in the same period last year. Toro said the increase was driven primarily by net price realization and incremental revenue from the company’s first-quarter acquisition, partially offset by lower volume in certain key product categories due to product availability constraints.
Toro also reported that second quarter net earnings decreased 7.8% to $131.1 million compared to earnings of $142.2 million for the same period a year ago.
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The Bottom Line: A delayed arrival of spring weather impacts walk-power mower sales as earnings for the second quarter fell 7.8% to $131.1 million.
What the CEO said: “We delivered on our expectations for the second quarter, extending our long track record of consistent financial performance and building an increasingly strong foundation for the future,” said Richard Olson, Toro chairman and CEO. “Our top-line growth was driven by continued strength in demand, net price realization and our ability to produce in what remains a highly dynamic operating environment. Our organizational flexibility and resiliency helped us achieve these results, and we are well-positioned to emerge as a more efficient and agile company.”
Company info: Click here to read the full second quarter 2022 financial report from Toro.
