Toro sales jump in Q2

The Toro Company reported second quarter sales jumped 23.6% to $1.15 billion from second quarter 2020 sales of $929.4 million.

Residential segment net sales for the second quarter were $315.0 million, up 20.2% compared with $262.0 million in the same period last year. Toro attributed the growth to strong retail demand for zero-turn riding mowers and expanded Flex-Force battery-powered products.

Professional segment net sales for the second quarter were $828.4 million, up 25.3% compared with sales of $661.1 million for the same period a year ago.

Toro also posted net earnings of $253.5 million for the second quarter, rising, 50.4% from net earnings of $168.5 million in the second quarter last year.

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The Bottom Line: Toro net earnings jump more than 50% driven by a 23.6% sales increase in the second quarter.

What the CEO said: “Sales grew at a robust pace, and earnings grew at nearly twice the sales growth rate,” said Richard Olson, chairman and CEO of Toro. “These excellent results point to a strong overall demand environment and continued favorable reception of our innovative products, along with our ability to successfully manage the dynamic supply chain environment and execute well operationally. Our team and channel partners delivered these results while remaining focused on serving our customers and keeping each other safe.”

Company info: Read Toro’s full second quarter 2021 financial results here.