Slow spring hinders Toro Q2
The Toro Company reported second quarter 2018 net sales of $875.3 million, rising 0.3% from net sales of $872.8 million for the second quarter 2017.
For the first six months of 2018, the outdoor power equipment manufacturer’s net sales grew more than 2% to $1.42 billion from sales of $1.39 billion in the first six months of 2018.
The Bloomington, Minn.-based manufacturer also reported net earnings of $131.3 million for the second quarter, essentially flat in comparison to net earnings of $130.3 million during the same period a year ago. Earnings for the first half of 2018 were $153.9 million – a 7% slide from earnings of $165.5 million for the first half of 2017.
“We are pleased to deliver another record quarter, despite challenging spring conditions and inflationary headwinds,” said Richard Olson, Toro chairman and CEO. “Our professional segment benefitted from balanced growth across multiple businesses as our channel partners prepared for the turf season.”
But the company’s residential segment was impacted by a slow start to spring in North America and Europe. “The coldest April temperatures in 20 years negatively affected sales of our walk power and zero-turn riding mowers in the quarter,” Olson said. “We are, however, encouraged by the weather patterns in May and we are hopeful that they will continue for the balance of our peak turf season.”
Residential segment net sales for the second quarter were $212.2 million, down nearly 18% from sales of $258.1 million last year.
Professional segment net sales for the second quarter were $660.4 million, up 8.1% from $610.9 million last year.
For the first six months of 2018, the outdoor power equipment manufacturer’s net sales grew more than 2% to $1.42 billion from sales of $1.39 billion in the first six months of 2018.
The Bloomington, Minn.-based manufacturer also reported net earnings of $131.3 million for the second quarter, essentially flat in comparison to net earnings of $130.3 million during the same period a year ago. Earnings for the first half of 2018 were $153.9 million – a 7% slide from earnings of $165.5 million for the first half of 2017.
“We are pleased to deliver another record quarter, despite challenging spring conditions and inflationary headwinds,” said Richard Olson, Toro chairman and CEO. “Our professional segment benefitted from balanced growth across multiple businesses as our channel partners prepared for the turf season.”
But the company’s residential segment was impacted by a slow start to spring in North America and Europe. “The coldest April temperatures in 20 years negatively affected sales of our walk power and zero-turn riding mowers in the quarter,” Olson said. “We are, however, encouraged by the weather patterns in May and we are hopeful that they will continue for the balance of our peak turf season.”
Residential segment net sales for the second quarter were $212.2 million, down nearly 18% from sales of $258.1 million last year.
Professional segment net sales for the second quarter were $660.4 million, up 8.1% from $610.9 million last year.