Minnesota, United States: The Toro Company has said earnings rose 27% in its latest quarter, thanks to demand for its riding mowers and golf sprinklers.
The Wall Street Journal reported that the company also lifted its profit forecast for the year, sending shares 3.9% higher in trading and pushing the stock’s year-to-date gain to 6.3%.
The Minnesota company, which provides services to golf courses, crop growers and sports venues, recently launched a host of new products including its Workman light-duty vehicle and new offerings across its golf-sprinkler line.
Heading into Toro’s prime selling season, Chief Executive Michael Hoffman expressed optimism but also warned that worsening economic conditions or unfavourable weather could hurt performance.
As such, the company projected earnings for the current quarter of US$1.75 to US$1.80 a share, below analysts’ expectations for US$1.83
For the year ending in October, though, Toro bumped up its earlier earnings forecast to a range of US$3.85 to US$3.95 a share from an earlier view of US$3.80 to US$3.90 a share. Toro on Thursday backed its full-year sales guidance.
In all for the quarter ended January 29, the company reported a profit of US$39.3 million, or 70 cents a share, up from US$31 million, or 54 cents a share, a year earlier. Revenue increased 2.6% to US$486.4 million.
The Wall Street Journal said that, according to Thomson Reuters, analysts projected 58 cents in earnings per share on US$489.8 million in sales.
Toro is an Executive Member of the Asian Golf Industry Federation.
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