The Toro Company declared that it was well on its way to meeting its previously stated 2014 goals upon the release of its third-quarter earnings report Thursday.
Sales for the quarter were up 11.3% year-over-year to what Toro referred to as a "record $567.5 million," riding a wave of strong retail demand across its various segments.
Net earnings of $50.0 million were also up in comparison to last year's $40.1 million.
“Our team is especially proud to deliver record results and double-digit sales and earnings growth for the third quarter, in which we also celebrated our Centennial milestone,” said Michael Hoffman, Toro’s chairman and CEO. “After successfully managing through the challenges of a late spring, our quarterly results benefited from favorable summer growing conditions in key markets that, similar to last year, helped drive retail sales across most of our businesses."
Hoffman pointed to an increase in golf equipment and irrigation products shipments, as well as a return to a more normal pace for channel purchases of professional equipment subject to Tier 4 emission standards.
He also cited a promising snow pre-season and gains in productivity in predicting a solid finish to the company's fiscal year.
As such, Toro is changing its full-year outlook to a 6% revenue growth and net earnings per share of about $2.94 to $2.96.