The Toro Company (NYSE: TTC) today reported net earnings of $129.5 million, or $2.14 per share, on a net sales increase of 4 percent to $1,958.7 million for its fiscal year ended October 31, 2012. In fiscal 2011, the company delivered net earnings of $117.7 million, or $1.85 per share, on net sales of $1,884 million.
For the fourth quarter, Toro reported net earnings of $0.3 million, on a net sales decrease of 7.8 percent to $339.3 million. In the comparable fiscal 2011 period, the company posted net earnings of $5 million, or $0.08 per share, on net sales of $368.1 million.
Earnings per share figures for all periods reported have been adjusted to reflect the company’s 2-for-1 stock split effective June 29, 2012.
“The Toro Company completed another record year with new highs for revenues and earnings per share,” said Michael J. Hoffman, Toro’s chairman and chief executive officer. “While pleased with our performance, it could have been even better if not for limited snowfall around the world that reduced snowthrower sales by almost 50 percent. Despite the weather challenge and a continued sluggish worldwide economy, Toro made tremendous progress in 2012. New products and good execution helped grow our positions in golf equipment, landscape contractor and grounds, micro irrigation and residential mowing. Our investments in acquisitions to enter new markets and expand capacity for micro irrigation, are contributing and will fuel growth into the future. And our efforts on productivity are starting to gain traction, as we delivered another significant step towards our Destination 2014 operating earnings goal of 12 percent by the end of fiscal 2014.”
“For the quarter, retail sales activity for many of our products were strong this fall, which helped get field inventories in good shape heading into the upcoming season. The majority of the decline in sales for the quarter resulted from the lack of snowthrower shipments due to soft preseason demand. Other major product categories showed sales growth in the quarter, with positive momentum heading into the new fiscal year.”