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Toro Reports Record First Quarter Earnings02-21-07 | News
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Toro Reports Record First Quarter Results



BLOOMINGTON, Minn. ?EUR??,,????'??+ The Toro Company reported record net sales and net earnings for its fiscal 2007 first quarter ended February 2, 2007.

Net earnings for the quarter totaled $18.5 million on net sales of $379.1 million. In the comparable fiscal 2006 period, Toro reported net earnings of $14.3 million on net sales of $369.6 million.

Michael J. Hoffman, The Toro Company’s chairman and chief executive officer, said the company’s first quarter performance benefited from improved gross margins and strong international sales growth, particularly in the Professional segment, which was somewhat offset by lower snowthrower sales worldwide.

“Improvements in gross margin resulted primarily from a greater proportion of Professional product sales and our ongoing profitability improvement initiatives,” said Hoffman. “Additionally, consistent with our strategy to build Toro’s global presence, our international business posted another quarter of strong results.”

The company reaffirmed it expects to report a 10 to 12 percent increase in fiscal 2007 net earnings per diluted share on revised revenue growth of five to six percent.

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