Director, Investor Relations
(952) 887-8923, email@example.com
Senior Manager, Public Relations
(952) 887-8930, firstname.lastname@example.org
For Immediate Release
The Toro Company Reports Record Fiscal 2017 Results
Net earnings per share for fiscal 2017 up 17.0 percent to a record $2.41
Growth across several professional categories drove solid performance for the year
Company completes Destination PRIME and launches Vision 2020
Quarterly cash dividend increased 14.3 percent to $0.20 per share
BLOOMINGTON, Minn. (December 7, 2017) - The Toro Company (NYSE: TTC) today reported net earnings of $267.7 million, or $2.41 per share, on a net sales increase of 4.7 percent to $2.505 billion for its fiscal year ended October 31, 2017. In fiscal 2016, the company delivered net earnings of $231.0 million, or $2.06 per share for the year, on net sales of $2.392 billion.
For the fourth quarter, Toro reported net earnings of $33.8 million or $0.31 per share, on a net sales increase of 4.3 percent to $488.6 million. In the comparable 2016 period, the company posted net earnings of $30.2 million on net sales of $468.4 million.
The company also announced that its board of directors has declared a quarterly cash dividend of $0.20 per share, a 14.3 percent increase from its previous quarterly dividend rate of $0.175 per share. This dividend is payable on January 10, 2018 to shareholders of record on December 22, 2017. For the fiscal year, the company returned nearly $236.0 million to shareholders through the payment of approximately $75.8 million in dividends and the repurchase of approximately 2.7 million shares of common stock.
“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 M. Olson, Toro’s chairman and chief executive officer. “Strong performance in our golf, landscape contractor and rental businesses continued with the success of new products such as the Exmark® Radius® zero-turn riding mowers, the Greensmaster® series of greens mowers and the Dingo® TX 1000 compact utility loader. We continue to gain momentum in those markets and we are encouraged by retail trends. Our BOSS® snow and ice management business also had a strong year driven by the continued success of the EXT extendable plows and the V-Box spreaders, which elevate performance and enhance productivity.”
“Sales in our international business were up 5.6 percent for the year driven by our Australia-based Pope® residential product offerings and by the newly acquired Perrot line of professional irrigation products. We are pleased with the integration of Perrot and we are optimistic about the growth opportunity for that business as we expand distribution more broadly.
The following information was filed by Toro Co (TTC) on Thursday, December 7, 2017 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.