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TheStreet Open House

The Toro Company Reports Record Second Quarter Results; Declares 2-for-1 Stock Split

Toro also announced today that its Board of Directors has declared a two-for-one split of the company’s common stock, which will be effected in the form of a 100 percent stock dividend. The stock dividend will be distributed June 29 to shareholders of record as of June 15.

SEGMENT RESULTS

Professional

  • Professional segment net sales for the second quarter totaled $455.9 million, up 9 percent from the prior year period. Domestic sales of golf and grounds equipment increased on improved market conditions, and customers replacing aging equipment with new innovative products. Shipments of landscape maintenance equipment were higher on improved contractor confidence and strength of new products. Micro irrigation sales around the world increased on continued demand for precision irrigation solutions for agriculture. International sales were down slightly in the quarter, primarily from a slowdown in demand for golf and grounds equipment in Europe. For the first six months, professional segment net sales were $739.8 million, up 9.3 percent from the comparable fiscal 2011 period.
  • Professional segment earnings for the second quarter totaled $98.7 million, up 15.3 percent from the prior year period. For the first six months, professional segment earnings were $140.8 million, up 14 percent from the comparable fiscal 2011 period.

Residential

  • Residential segment net sales for the second quarter totaled $231.9 million, up 10.6 percent from the prior year period. Favorable weather accelerated the start of the spring goods selling season driving strong pre-season demand. Shipments of walk power mowers were up on improved weather and new product introductions. For the first six months, residential segment net sales were $369.5 million, up 11 percent from the comparable fiscal 2011 period.
  • Residential segment earnings for the second quarter totaled $28.5 million, up 7.5 percent from the prior year period. For the first six months, residential segment earnings were $41.1 million, up 8.5 percent from the comparable fiscal 2011 period.

OPERATING RESULTS

Gross margin for the second quarter was up 20 basis points to 34.0 percent due to manufacturing efficiencies, and realized pricing offsetting higher materials costs. For the first six months, gross margin was down 20 basis points to 34.3 percent due to an unfavorable product mix.

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