This Day On The Street
Continue to site right-arrow
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
TheStreet Open House

Toro Company's CEO Discusses F3Q12 Results - Earnings Call Transcript

Our earnings release was issued this morning by Business Wire, a copy can be found in the Investor section of our corporate website,

I'll now turn the call over to Mike.

Mike Hoffman

Thank you, Kurt and good morning to all of our listeners. The favorable spring weather conditions we enjoyed across much of the United States during the first half of the year took a dramatic turn this summer with a record setting heat wave and the worst drought the country has seen in over 50 years.

Extreme lack of moisture across most of the country coupled with the continuing global economic issues slowed the robust sales momentum we generated during our first two quarters. However our third quarter results still outpaced fiscal 2011 and we delivered improved revenues, gross margin and earnings per share in spite of the weather and economic challenges.

While net sales for the quarter only grew 1%, earnings per share increased 22%. For the first nine months, net sales increased 6.8% while earnings per share rose 21%. While currency exchange for the international business was somewhat negative, it had very little impact on the quarter and year-to-date results for the company.

As reported in our earnings release earlier this morning, the slowdown we experienced during the quarter, required an adjustment to our EPS guidance for the year 2010 which still represents a 14% of improvement over last year, even with the sense for investments we made for acquisitions this year. Renee will discuss our financial and operating results in more detail later in the call.

Several of our key businesses, most notably professional golf, landscape contractor and grounds and micro irrigation continued to perform well in North America. Our residential markets which are more immediately impacted by swings in mother nature saw industry-wide slowdowns due to the drought. Even with the drought, our overall year-to-date retail numbers remain favorable across most businesses.

2 of 3

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Try it NOW
Only $9.95
Try it NOW
14-Days Free
Try it NOW

Check Out Our Best Services for Investors

Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
Try it NOW
Try it NOW
Try it NOW
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!


DOW 17,976.31 +263.65 1.49%
S&P 500 2,086.24 +25.22 1.22%
NASDAQ 4,947.4410 +56.2220 1.15%

Partners Compare Online Brokers

Free Reports

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs