Our earnings release was issued this morning by Business Wire, a copy can be found in the Investor section of our corporate website, thetorocompany.com.
I'll now turn the call over to Mike.
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.
Select the service that is right for you!COMPARE ALL SERVICES
Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.
- Real Money + Doug Kass Plus 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV