Bloomington, Minn.-based Toro Co. posted record sales in 2011, including a 5.8% sales gain in the company's residential segment.
“Fiscal 2011 was a very good year for the Toro Co., delivering record revenues and earnings per share,” said Michael Hoffman, Toro’s chairman and CEO.
For the year, the company's total earnings were up 26.3% to $117.7 million, and net sales were up 11.5% to $1.884 billion. In the fourth quarter, net earnings increased from $3.2 million to $5 million, as net sales increased 9.1% to $337.3 million.
Residential segment net sales for fiscal 2011 totaled $623.9 million, up 5.8 % over last year. For the year, sales of riding products increased on demand for Toro’s new line of zero-turn mowers, the company said.
Shipments of snow products were up significantly in North America and Europe coming off last year’s strong snow season that boosted preseason orders, along with benefits from additional product placement.
Somewhat offsetting these gains were lower orders of walk power mowers and electric blowers due to unfavorable weather conditions. For the fourth quarter, residential segment net sales were $143.5 million, up 12.9% from the comparable fiscal 2010 period.
Residential segment earnings for fiscal 2011 totaled $54.4 million, down from $58 million last year. For the fourth quarter, residential segment earnings were $11.9 million, up from $8.8 million in the comparable fiscal 2010 period.
"We are well-positioned to grow share in our markets with a strong lineup of innovative new products, along with the benefit of additional capacity from the investment in our new Romania operation," Hoffman said.