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Managing Director, Corporate Communications and Investor Relations
(952) 887-8917, email@example.com
Senior Manager, Public Relations
(952) 887-8930, firstname.lastname@example.org
For Immediate Release
The Toro Company Reports Record Fiscal 2014 Results
· Fiscal 2014 sales increase 6.4 percent to a record $2.2 billion
· Net earnings per share for the year up 15 percent to a record $3.02
· Quarterly cash dividend increased 25 percent to $0.25 per share
· Company achieves Destination 2014 goals and launches next employee initiative
· BOSS® acquisition closed and integration progressing well
BLOOMINGTON, Minn. (December 4, 2014) The Toro Company (NYSE: TTC) today reported net earnings of $173.9 million, or $3.02 per share, on a net sales increase of 6.4 percent to $2.173 billion for its fiscal year ended October 31, 2014. In fiscal 2013, the company delivered net earnings of $154.8 million, or $2.62 per share, on net sales of $2.041 billion.
For the fourth quarter, Toro reported net earnings of $10.9 million, or $0.19 per share, on a net sales increase of 8.3 percent to $414.1 million. In the comparable fiscal 2013 period, the company posted net earnings of $5 million on net sales of $382.4 million.
The company also announced that its board of directors has declared a quarterly cash dividend of $0.25 per share, a 25 percent increase from its previous quarterly dividend rate of $0.20 per share. This dividend is payable on January 12, 2015, to shareholders of record on December 23, 2014.
Fiscal 2014 was a significant year for The Toro Company for many reasons, said Michael J. Hoffman, Toros chairman and chief executive officer. We delivered record sales, operating earnings and earnings per share, which enabled us to successfully achieve our Destination 2014 revenue and profitability targets. We celebrated our Centennial and officially launched the companys second century. We entered into and subsequently closed the largest acquisition in our history with the addition of the BOSS® professional snow and ice management business. Finally, we returned almost $150 million to our shareholders through the payment of $45 million in dividends and the repurchase of more than 1.6 million shares of our common stock.
Id like to thank the entire team for their dedication and execution throughout the year. Their passion for innovation and customer service helped to drive retail sales across our portfolio. On the residential side of our business, we delivered double-digit revenue growth fueled by abundant snow conditions in key North American markets early in 2014 that generated strong in-season sales of our snow thrower products. Low field inventories and pent-up consumer demand set the stage for the robust snow pre-season that began late this summer and continues to date. The residential business also saw gains from solid retail demand for our residential zero turn mowers, as homeowners continue to transition to these more efficient cutting platforms. Turning to our professional businesses, contractors who also benefited from the snow season made early investments in landscape maintenance equipment, helping to drive our sales. New product features and favorable summer growing conditions provided additional momentum for the category. In golf,
The following information was filed by Toro Co (TTC) on Thursday, December 4, 2014 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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