Toro set another earnings record and easily beat expectations in its second quarter.
The Bloomington-based company made $120.5 million, or $1.08 a share for the quarter, which was up nearly 15 percent over the same quarter last year. Analysts who cover the company expected them to earn $1.03 per share.
The maker of professional and residential turf management products, turf irrigation, micro-irrigation systems for agriculture and professional snow and ice management products recorded top-line growth as well.
"Solid performance in both our professional and residential segments contributed nicely to the revenue growth we achieved for the quarter," said Richard Olson, Toro's president and chief executive, in the company's news release.
Revenue for the quarter was $872.8 million, a 4.3 percent increase over the second quarter last year.
Olson was encouraged by early-season retail sales particularly from walk power mowers, including the release of its Personal Pace PoweReverse mower that features a self-propelled drive system that works in both forward and reverse.
With much of its key selling season ahead, Toro was confident enough to increase its guidance for the remainder of the year. The company now expects fiscal 2017 revenue growth of 4.5 percent, third-quarter earnings per share to be 56 cents and full-year earnings per share to be $2.35.
Net earnings for the six months ended May 5 were $165.5 million, or $1.48 per share, compared with $144.9 million, or $1.29 per share. Revenue for the first half of the fiscal year was $1.4 billion, up 5 percent.
The company's shares closed at $66.46 Thursday. The stock is up 20 percent year to date and trading is near all-time highs.
Patrick Kennedy • 612-673-7926
