Toro Posts Record Third Quarter Results, Announces New COO
The Toro Company, maker of lawn mowers and turf maintenance equipment, released record results for its third quarter report ending July 31.
Bloomington-based Toro posted net earnings of $53.3 million, which amounts to $0.94 adjusted earning per share. Approximately $609.6 million in total sales were recorded by Toro, a 7.4 percent increase from last year’s Q3 results of $567.5 million.
“Favorable summer growing conditions, particularly in our domestic markets coupled with the success of new product introductions drove increased retail sales for the quarter,” Michael J. Hoffman, chairman and CEO of Toro, said in a statement.
More specifically, Hoffman cited the company’s $227 million purchase of Boss, a line of snow and ice management products once owned by Northern Star Industries, as a contributing success factor. There was also strong growth in Toro’s landscaping equipment and mowers divisions during the third quarter.
“We are seeing solid fourth quarter demand for residential and professional snow and ice management products on the heels of a strong snow season in North America in fiscal 2014,” Hoffman said in the report. But he also warned of the potential impacts that foreign currency rates and drought-like conditions across the nation could have on Toro’s final stretch.
Toro stock, which opened at $71.06 today, has risen by as much as 3.5 percent on news of the positive Q3 results.
But Toro’s continued success in 2015 wasn’t the only news from the company today. Toro also announced the promotion of Richard Olson into the position of president and chief operating officer. Olson, 51, will officially make the transition on September 1 from his current post of group vice president of Toro’s international and micro-irrigation businesses. Olson is a 29-year veteran of the company, having joined in 1986.