Toro Q4 sales rise 4.3%
Power equipment manufacturer the Toro Company reported fourth quarter 2017 net sales of $486.6 million, a 4.3% increase from net sales of $468.4 million in the fourth quarter 2016.
For fiscal 2017, ended Oct. 31, Toro reported net sales increased 4.7% to $2.5 billion compared to net sales of $2.4 billion in 2016.
The Bloomington, Minn.-based manufacturer also reported fourth quarter 2017 net earnings of $33.8 million compared to net earnings of $30.2 million in the fourth quarter 2016. For the full year, Toro reached net earnings of $267.7 million – nearly a 16% increase from net earnings of $231 million in fiscal 2016.
“Fiscal 2017 was another record year for the Toro Company. We experienced solid sales growth fueled by new and innovative product offerings across our businesses,” said Richard Olson, Toro chairman and CEO.”
“For the fourth quarter, our residential business generated solid growth with sales up 3.2 percent driven in part by the success of our Pope line and increased shipments of zero-turn riding mowers. Turning to our snow business, field inventory levels are in good shape and we are well prepared to address customers’ needs in the winter months ahead,” Olson said.
Residential segment net sales for fiscal 2017 were $673.2 million, up 0.6% from $669.1 million last year. The company said, despite mild in-season winter conditions and an inconsistent start to the spring months, increased sales of its Pope products and higher shipments of snow products, contributed to the favorable full year results. For the fourth quarter, residential segment net sales were $122.6 million, up 3.2% from the comparable fiscal 2016 period. Momentum in our international business drove the performance for the quarter with increased sales of its Pope product line in Australia.
Pro segment net sales for fiscal 2017 totaled $1.8 billion, up 6.2% from $1.7 billion last year. For the fourth quarter, pro segment net sales were $360.4 million, up 4.9% from the comparable fiscal 2016 period. The growth was driven largely by the success of newly introduced products in Toro’s landscape contractor businesses and higher sales in its golf and specialty construction markets.
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Milwaukee builds in Mississippi
Milwaukee Tool is expanding operations at three Mississippi locations, investing $33.4 million and creating 660 jobs, the company said. The expansions are planned for the company’s sites in Greenwood, Jackson and Olive Branch.
Milwaukee Tool will create the additional jobs at all three of its Mississippi facilities over the next four years to accommodate cordless power tool manufacturing, accessory manufacturing and additional distribution capacity. The announcement was made with the help of Mississippi Gov. Phil Bryant, who said the state values its partnership with the tool maker
Milwaukee executives described a corporate effort to drive growth and create jobs in the United States.
“We currently employ over 3,500 people in the USA, more than 1,600 of which are in Mississippi,” said Milwaukee Tool Group President Steve Richman. “We are deeply committed to investing in our people as we continue to deliver disruptive innovation and the highest quality products for our users and distribution partners.”
The Mississippi Development Authority is providing assistance for building renovations and site improvements at Milwaukee Tool’s Jackson and Olive Branch locations. MDA is providing assistance for public infrastructure improvements at the Greenwood location. The city of Greenwood is receiving a loan through MDA for the purchase of an existing building and parking lot improvements.