Toro’s earnings grew by 11.3% in the third quarter, for a record-breaking $567.5 million in earnings, according to a recent report. Retail demand was strong for the manufacturer’s professional products, climbing 12% to $384 million in net sales. Increased sales of Toro’s turf and irrigation products spearheaded much of these earnings. Sales of equipment that complies with Tier 4 emission standards also played a pivotal role.
Shortly after the report, Toro’s stock increased by 2% to 87 cents per share, another record. It revised its revenue growth guidance from 5-6% up to 6% proper. The company’s net earnings per share guidance range is also up, from $2.90 to $2.95, to $2.94 to $2.96.