Toro reported sales of $1.15 billion for its second quarter, up 23.6 percent over the same period in 2020. Sales in its professional segment were up 25.3 percent to $828 million, driven largely by golf, landscape contractor, irrigation, rental and specialty construction products. Professional sales were “slightly offset” by decreased sales of underground construction equipment, including Ditch Witch branded products.
“We delivered record results in the quarter, with continued momentum across our professional and residential segments,” said Toro chairman and CEO Richard M. Olson in a prepared statement.
“Sales of professional products connected to golf, landscape contractor, and irrigation markets, as well as residential zero-turn riding mowers and Flex-Force battery-powered product offerings, drove growth in the second quarter,” said Olson.
Toro year-to-date sales
Year to date, sales are up 19.2 percent to $2.02 billion with net earnings of $253.5 million, up 50 percent over the same period in 2020. Professional segment sales were $1.48 billion for the first half of fiscal 2021.
Toro 2021 outlook
- “As we look ahead to the second half of the year, we are encouraged by the positive demand trends across our businesses, the enthusiastic customer response to innovative new product offerings, and the benefits from our productivity and synergy initiatives,” Olson stated. “At the same time, the escalation of supply chain and inflationary pressure is likely to create near-term headwinds.
- “We anticipate the impact of this pressure to be most pronounced in the third quarter, before mitigating actions can be more fully realized. All in, we expect enhanced operating performance for the full fiscal year.
- The company raised its full-year fiscal 2021 guidance and now expects total net sales growth in the range of 12 to 15 percent.