Toro Second Quarter Earnings Up 33 Percent

BLOOMINGTON, Minn., - The Toro Company has reported record fiscal second quarter net earnings of $62 million on net sales of $628.4 million for the quarter ended April 29. In the comparable fiscal 2004 period, the company reported net earnings of $52.2 million on net sales of $548 million.

For the six months ended April 29, Toro reported net earnings of $73.1 million on net sales of $975.4 million compared with net earnings of $61.5 million on net sales of $861.6 million in the first six months of fiscal 2004.

Kendrick B. Melrose, The Toro Company's executive chairman, said strong shipments of both professional and residential products, especially in international markets, were responsible for the 14.7 percent increase in second quarter net sales.

?EUR??,,????'??We continued to realize impressive results from our leadership position in the professional segment markets, where demand from landscape contractor, golf course and other commercial customers remained strong,?EUR??,,????'?? Melrose said. ?EUR??,,????'??Moreover, international sales increased from growth in the residential and golf markets, a host of innovative products introduced across several markets, and the relative weakness of the U.S. dollar.?EUR??,,????'??

Compared with the prior year, fiscal 2005 second quarter professional segment sales increased 14.9 percent to $389.1 million. For the second consecutive year, volume increased in nearly all product categories.

?EUR??,,????'??Equipment sales to the landscape contractor market continued to be robust as our landscape contractor customers remained optimistic about the year and are investing in new equipment,?EUR??,,????'?? Michael J. Hoffman, The Toro Company CEO, said. ?EUR??,,????'??Domestically, we are seeing healthy retail demand for golf and grounds maintenance equipment resulting in strong shipments and market share growth. In our international markets, golf course renovation and improvement projects as well as new course construction helped drive increased demand.?EUR??,,????'??