The Toro Company (NYSE: TTC), a leading global provider of solutions for the outdoor environment, today reported results for its fiscal third quarter ended August 2, 2024.
The Toro Co. reported second quarter net sales were up 23.6% year over year, to $1.15 billion. Professional segment net sales were up 25.3% and Residential segment net sales up 20.2%.
Net sales of $929.4 million down 3.4% compared with $962.0 million in the second quarter of fiscal 2019. Year-to-date fiscal 2020 net sales were $1.70 billion, up 8.4%.
Professional segment net sales for the third quarter were up 3.0% from last year. Residential segment net sales for the third quarter were up 9.5% from last year.
Michael J. Hoffman, chairman of the board, will retire from the company's board of directors, effective November 3, 2017. Toro President and CEO Richard M. Olson has been elected chairman, effective upon Hoffman's retirement.
Richard Olson's position is effective Sept. 1. He has served the company in various roles for 29 years, most recently as group vice president of its international and micro-irrigation businesses.
The Toro Company is excited to introduce the all-new MyRIDE suspension system available on select Toro Z Master zero-turn mowers. Built for maximum comfort, the innovative MyRIDE suspension system features a fully suspended operator platform that delivers 3.6 inches of travel and isolates the operator from the rest of the machine. This design reduces impacts, bumps and vibrations for a more comfortable ride.
The Toro Company has added a new stand-on spreader/sprayer to its turf renovation product line. This innovative machine makes spreading and spraying turf properties easier with Lean to Steer technology, intuitive controls and large capacity hopper and spray tank in a compact design.
The Toro Company celebrated its 100th anniversary as more than 2,000 employees, retirees, channel and business partners gathered at the company's headquarters.
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