Toro 3Q Profit Rises 5%

October 6, 2009

BLOOMINGTON, Minn. -- Mower maker Toro Co. said last Thursday that its fiscal third-quarter profit rose 5 percent on increased global demand for golf and grounds equipment.

For the quarter ended July 29, Toro ( TTC - news - people ) earned $35.1 million, or $1.11 per share, up from $33.4 million, or $1.01 per share, in the same quarter last year. Toro said product reworking expenses cut its profit for the recent quarter by 9 cents per share.

Revenue rose 9.2 percent to $501 million from $458.9 million.

Analysts, on average, expected a profit of $1.13 per share on $493.6 million in sales, according to a FactSet poll.

Toro said that unfavorable weather conditions resulted in lower residential and landscape contractor sales, but global demand for golf and grounds equipment remained strong and boosted overall sales.

The company said it still expects to post a fiscal 2011 profit of about $3.60 per share on revenue growth of 10 percent to 12 percent. Based on the company's 2010 revenue of $1.69 billion, the guidance projects 2011 revenue of $1.86 billion to $1.89 billion.

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Toro 3Q Profit Rises 5%

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