Toro sees big rise in fourth-quarter earnings
Outdoor equipment-maker Toro reported fourth-quarter net earnings of $6.5 million, up 44.5 percent from 4.5 million in the same period last year.
The company reported net sales of $332.5 million, a 0.9 percent increase from sales of $329.5 million last year.
For the full year, earnings were $142.4 million, up 10.3 percent from 2006 earnings of $129.1 million. Net sales for the fiscal year were $1.87 billion, up 2.2 percent from last year’s sales of $1.83 billion.
“In challenging market conditions, our performance in fiscal 2007 highlights the strength and resiliency of our company,” said Michael Hoffman, chairman and CEO. “We believe these results indicate that Toro has outperformed in a soft market.”
The company attributed growth in its international professional segment sales, which helped offset softness in the residential segment in the United States. International net sales increased 9.6 percent over 2006.
Toro is a worldwide manufacturer of outdoor maintenance and beautification products for home, recreation and commercial landscapes.
Bed Bath & Beyond plans new store in Canada
Specialty retailer Bed Bath & Beyond will hold a grand opening of its first Canadian store on Dec. 7.
The 34,000-square-foot location is located in Richmond Hill, Ontario, a northern suburb of Toronto.
Bed Bath & Beyond operates 914 stores, including 831 under the Bed Bath & Beyond banner, 36 Christmas Tree Shops, 39 Harmon Stores and eight Buybuy Baby locations.
The company will release third-quarter results on Jan. 3.
Lincoln Electric forms joint venture with Chinese firm
Cleveland-based Lincoln Electric Holdings announced Nov. 30 that it’s formed a majority-owned joint venture with privately held Chinese manufacturer Zhengzhou Heli Welding Materials.
Lincoln doesn’t expect the joint venture to have a significant impact on earnings in its first year of operation. Zhengzhou Heli reports annual sales of about $8 million.
The joint venture will produce submerged arc wire and flux, which are used in welding applications in heavy construction, pipe mills, energy and other infrastructure segments.
Lincoln Electric is a manufacturer of arc welding equipment, robotic arc-welding systems, plasma and oxyfuel cutting equipment.