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Investor Relations
Heather Hille
Director, Investor Relations
(952) 887-8923, heather.hille@toro.com

Media Relations
Branden Happel
Senior Manager, Public Relations
(952) 887-8930, branden.happel@toro.com

For Immediate Release

The Toro Company Reports Record Fiscal 2018 Results

Full-year revenue up 4.5 percent over prior year to a record $2.6 billion with rebound by residential segment in second half of 2018
Professional segment grew 7.5 percent in 2018 due to strong performance across all businesses
Reported full-year EPS of $2.50; adjusted full-year EPS of $2.67, up 19.7 percent over comparable 2017 period adjusted EPS of $2.23
Quarterly cash dividend increased 12.5 percent to $0.225 per share

BLOOMINGTON, Minn. (December 6, 2018) - The Toro Company (NYSE: TTC) today reported net earnings of $271.9 million, or $2.50 per share, on a net sales increase of 4.5 percent to $2,618.7 million for its fiscal year ended October 31, 2018. Adjusted 2018 full-year net earnings were $290.1 million, or $2.67 per share, compared to adjusted net earnings of $248.0 million, or $2.23 per share in the comparable 2017 period, an increase of 19.7 percent.

For the fourth quarter, Toro reported net earnings of $39.0 million, or $0.36 per share, on a net sales increase of 10.4 percent to $539.3 million. For the fourth quarter, adjusted net earnings were $34.2 million, or $0.32 per share, compared to adjusted net earnings of $33.0 million, or $0.30 per share, in the comparable 2017 period, an increase of 6.7 percent. Please see the tables provided for a reconciliation of non-GAAP adjusted net earnings and adjusted diluted earnings per share to the comparable GAAP measures.

The company also announced that its board of directors has declared a quarterly cash dividend of $0.225 per share, a 12.5 percent increase from its previous quarterly dividend rate of $0.20 per share. This dividend is payable on January 9, 2019 to shareholders of record on December 20, 2018. For the fiscal year, the company returned just over $245 million to shareholders through the payment of approximately $85 million in dividends and the purchase of approximately $160 million of common stock. Additionally, the board authorized the repurchase of an additional 5 million shares of Toro’s common stock through open-market or in privately negotiated transactions from time to time and in such amounts as management deems appropriate.

“We are pleased to deliver another record year with solid revenue growth led by the professional segment and a strong rebound by our residential business in the second half of the year, driven by an exciting lineup of new products and innovative technologies,” said Richard M. Olson, Toro’s chairman and chief executive officer. “Our landscape contractor business performed well throughout the year as customers saw the value in our new Exmark® and Toro® zero-turn mower platforms, designed to increase productivity while enhancing ease of operation. Higher shipments of mowers, sprayers and vehicles in our golf and grounds businesses also contributed to the full-year performance, as momentum experienced early in the fiscal year continued through the fourth quarter.”




The following information was filed by Toro Co (TTC) on Thursday, December 6, 2018 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.

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