BLOOMINGTON, Minn. -- The Toro Company (NYSE:TTC) reported on Aug. 27 net earnings of $21.9 million or $1.68 per diluted share on net sales of $375.6 million for its fiscal third quarter ended August 2. In the comparable fiscal 2001 period, the company reported net earnings of $16.9 million or $1.30 per diluted share on net sales of $329.7 million. Adjusted to reflect the company's November 1, 2001 adoption of Statement of Financial Accounting Standards no. 142, "Goodwill and other Intangible Assets," net earnings for the third quarter of 2001 would have been $19.2 million or $1.47 per diluted share. For the nine months ended August 2, Toro reported net earnings of $30.3 million or $2.34 per diluted share on net sales of $1,123.9 million. "The quarter's results were most gratifying from the standpoint of growth in both revenues and earnings," said Ken Melrose, chairman and CEO of The Toro Company. "The sales growth of 14 percent was driven primarily by newly introduced products, coupled with lower costs resulting from our '5 by Five' initiatives, significantly outpacing our third quarter last year."