The Toro Co. reported net earnings of $154.8 million, up from net earnings of $129.5 million in fiscal 2012. Net sales increased 4.2% to $2,041.4 million for its fiscal year ended Oct. 31, from net sales of $1,958.7 million in 2012.
For the fourth quarter, Toro reported net earnings of $5 million, compared with earnings of $0.3 million in the year-ago period. Net sales for the quarter increased 12.7% to $382.4 million from net sales of $339.3 million in the fourth quarter last year.
“The Toro Co. completed a record year with new highs for revenues, operating earnings and earnings per share,” said Michael J. Hoffman, Toro’s chairman and chief executive officer. “We are particularly excited to have crossed over the $2 billion revenue milestone for the first time in the company’s history, a timely accomplishment as we head down the home stretch to our Centennial in July 2014. In addition, we remain focused on returning value to our shareholders, as demonstrated by the increase in both our annual dividend guideline and quarterly cash dividend.
“For the fourth quarter, even with favorable comparisons to last year when we saw soft preseason demand for our snow products, we delivered solid performance. Practically all of our product lines contributed to our sales growth and our expanded gross margins further evidence the traction we are gaining with our productivity efforts,” Hoffman added.
The company expects revenue growth for fiscal 2014 to be about 4% to 5%, and net earnings to be about $2.85 to $2.90 per share.