Toro sees record fiscal 2021 results

The Toro Company (TTC), based in Bloomington, Minn., reported record fiscal fourth quarter and full-year fiscal sales growth driven by increased sales of landscape contractor, and golf and grounds markets worldwide.

The company reported Q4 ending Oct. 31, 2021, net sales increased 14.2% year over year to $960.7 million; with professional segment Q4 net sales up 13.7%, and residential segment Q4 net sales up 19.8%.

Toro reported net sales for fiscal year-end of $3.96 billion, up 17.2%, from $3.38 billion last year. The increase was primarily attributable to increased sales of landscape contractor zero-turn riding mowers, and net price realization, the company said.

For full-year fiscal 2021, professional segment net sales were $2.93 billion, up 16.1% from $2.52 billion last year. Fiscal 2021 residential segment net sales were $1.01 billion, up 23.1% compared with $820.7 million last year.

Earnings for Q4 professional segment were $101.0 million, down 3.0% compared with $104.2 million in the same period last year. The decrease was largely due to higher material and freight costs, partially offset by net price realization, volume leverage and productivity improvements.

Earnings for Q4 residential segment were $11.9 million, down 55.1% compared with $26.4 million in the same period last year, Toro reported.

The firm reported full-year fiscal 2021 net earnings of $409.9 million, up 24.3% from $329.7 million last year.

The Bottom Line: Toro sales moved ahead 17% company-wide for full-year fiscal 2021 to nearly $4 billion.

What the CEO said: “We exceeded our top- and bottom-line guidance for fiscal 2021, driving double-digit net sales growth for both the quarter and full-year for our professional and residential segments,” said Richard M. Olson, chairman and CEO.

Company info: Click HERE to read the Q4 and full-year fiscal 2021 financial report from Toro.