Toro Co. saw sales rise 11.3 percent to $567.5 million, as favorable summer growing conditions in key markets helped drive sales after the company had to deal with challenges of late spring weather in the previous quarter.
The Minnesota-based maker of turf and construction equipment said its fiscal third-quarter profit was $50 million, or 87 cents per share, four cents better than analysts’ expectations. Toro’s quarterly earnings rose 24.7 percent from the $40.1 million reported in the third quarter last year, and earnings per share increased 27.9 percent from 68 cents.
The company also raised its guidance for the remainder of the fiscal year. It is expecting revenue growth of approximately 6 percent and increased guidance on its earnings per share to $2.94 to $2.96 per share, up from $2.90 to $2.95 per share.
The company recorded its record quarterly results in the same period in which the company celebrated its 100th anniversary.
In the company’s earnings statement, Toro Chairman and CEO Mike Hoffman said: “Our team is especially proud to deliver record results and double-digit sales and earnings growth for the third quarter in which we also celebrated our Centennial milestone.”
For the first nine months, Toro reported sales of $1.759 billion, a 6 percent increase over the same period a year ago. Net earnings were $163 million, or $2.82 per share, an 8.7 percent and 11.5 percent increase, respectively, over the same period a year ago.
On Friday, Toro shares rose 18 cents to $62.69.