Industry sales for agricultural equipment in the U.S. and Canada are forecast to be down 5-10% for 2017. Industry sales of turf and utility equipment in the U.S. and Canada are expected to be about flat for 2017, with Deere sales outpacing the industry.
Global farm recession and weak construction-equipment markets lead to lower sales and earnings for fourth quarter and full year. Industry sales for agricultural equipment in the U.S. and Canada are forecast to be down 5-10% for 2017.
First quarter net sales were $287 million, a decrease of $3 million compared to last year. The company expects that the U.S. residential lawn and garden market will improve by 1-4%.
Net sales for the second quarter 2016 increased 4.5% compared with the second quarter of 2015. Comparable store sales decreased 0.5% versus a 5.6% increase in the prior year's second quarter.
Michael Speetzen, executive vice president of finance and chief financial officer, will provide a brief review of the company’s past performance as well as an update on current business conditions.
Toro reports a net sales increase of 1.2% for the 2016 second quarter and 1.7% for the first six months. Revenue growth for fiscal 2016 is expected to be flat to up 2%.
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