Sales in Toro’s fiscal first quarter were 13.7 percent higher than the same period in 2020, registering $873 million compared to $767.5 million in Q1 2020. Net earnings for the quarter were $111.3 million, up 58.8 percent from $70.1 million in 2020.
“We began fiscal 2021 with strong momentum across our professional and residential businesses,” said Richard M. Olson, chairman and CEO, in a prepared statement. “We expanded profitability in the quarter by executing on our productivity initiatives and through disciplined cost management. We continued to provide innovative products that align with the needs of our customers, and invested in key technology areas including alternative power, smart connected and autonomous, to drive long-term sustainable growth.
Sales in the company’s Professional segment were $650.2 million, up 9.3 percent compared with $594.7 million in the same period last year. The increase was primarily due to higher shipments of landscape contractor zero-turn riding mowers and incremental sales from the Venture Products acquisition, partially offset by decreased sales of underground construction equipment to oil and gas markets and timing of international shipments of golf and grounds equipment.
Professional segment earnings for the first quarter were $116.8 million, up 14 percent compared with $102.5 million in the same period last year. The increase was primarily due to sales volume leverage and productivity and synergy initiatives, partially offset by manufacturing cost pressures and product mix.
“Looking ahead to the remainder of the fiscal year, we are encouraged by continuing positive demand trends,” he said. “As we enter the key selling season for many of our professional businesses, we are well positioned with our suite of new products to capitalize on the recovery occurring across core markets. Our guidance is based on current visibility and certain potential effects of Covid-19. We are actively managing a dynamic supply chain and cost inflation environment. We intend to deliver profitable growth by focusing on our enterprise strategic priorities and the needs of our customers.”
Source: Toro
