Toro sales, profits soar in Q4

The Toro Company reported fourth quarter sales jumped 14.5% to $841 million from sales of $734.4 million in the fourth quarter a year ago.

Sales for the full year rose 7.7% to $3.38 billion compared to sales of $3.14 billion in 2019.

The Bloomington, Minn.-based manufacturer posted net earnings of $72.2 million for the fourth quarter, nearly doubling earnings of $38.3 million for the same period last year. 

Net earnings for the full year jumped 20.3% $329.7 million. 

Residential segment net sales for the fourth quarter were $187.9 million, up 38.5% compared with $135.7 million in the same period last year. The increase was primarily due to strong retail demand for walk power and zero-turn riding mowers.

For the full year, residential segment net sales were $820.7 million, up 24.1% compared with $661.3 million in the same period last year. 

Professional segment net sales for the fourth quarter were $644 million, up 9.5% compared with $588.2 million in the same period last year. The increase was primarily due to growth in shipments of landscape contractor zero-turn riding mowers and snow and ice management equipment, annual price adjustments and lower floor plan costs, the company said.

Sales in the pro segment increased 12% to $426.6 million for the full year.

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Bottom Line: Profits leap at Toro, rising more than 88.7% to $72.2 million in the fourth quarter.

What the CEO said: “Residential sales were robust across all channels with strong demand for our new product lineup, accentuated by refreshed branding, an extended selling season, and stay-at-home trends. Improved demand for our professional products reflected greater business confidence from our customers and increased home investments,” said Richard Olson, Toro chairman and CEO.

Company info: The full fourth quarter 2020 and year-end report from Toro is available here.