Exhibit 99.1

 

 

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 2015 Results

 

·                  Fiscal 2015 sales increase 10 percent to a record $2.4 billion

·                  Net earnings per share for the year up 17.5 percent to a record $3.55

·                  Quarterly cash dividend increased 20 percent to $0.30 per share

·                  Acquisition of BOSS® snow and ice management business delivers positive full year results

 

BLOOMINGTON, Minn. (December 3, 2015

) — The Toro Company (NYSE: TTC) today reported net earnings of $201.6 million, or $3.55 per share, on a net sales increase of 10.0 percent to $2.391 billion for its fiscal year ended October 31, 2015.  In fiscal 2014, the company delivered net earnings of $173.9 million, or $3.02 per share for the year, on net sales of $2.173 billion.

 

For the fourth quarter, Toro reported net earnings of $23.6 million or $0.42 per share, on a net sales increase of 16.1 percent to $480.8 million.  In the comparable 2014 period, the company posted net earnings of $10.9 million on net sales of $414.1 million.

 

The company also announced that its board of directors has declared a quarterly cash dividend of $0.30 per share, a 20 percent increase from its previous quarterly dividend rate of $0.25 per share.  This dividend is payable on January 11, 2016 to shareholders of record on December 22, 2015.  For the fiscal year, the company returned over $160 million to shareholders through the payment of $55.5 million in dividends and the repurchase of more than 1.5 million shares of common stock.  Additionally, the board authorized the repurchase of an additional 4 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.

 

“Early this last year, as The Toro Company entered its second century, we were optimistic about the months ahead due to the addition of the BOSS® snow and ice management business, the positive momentum we were experiencing with early snow preseason sales, and a broad line-up of innovative new products for fiscal 2015,” said Michael J. Hoffman, Toro’s chairman and chief executive officer.  “As the year progressed, that optimism proved accurate and we were able to sustain strong retail momentum across our businesses. The successful integration of BOSS® played a significant role in achieving our revenue growth of 10 percent for the year, we saw the benefit of favorable weather conditions, and the launch of several new products were well received by our customers,” said Hoffman. “In fact, our new product vitality index showed an increase for the year compared to fiscal 2014, and we are confident that metric will be even higher in fiscal 2016.”

 

“In addition to driving record revenues, our team focused on increasing productivity and leveraging expenses, which had a positive impact on our results.  These efforts helped us to deliver record earnings for the year and have positioned us well as we head into the second year of our Destination PRIME employee initiative. I am very proud of our employees around the world.  It is their continued focus and collective

 


The following information was filed by Toro Co (TTC) on Thursday, December 3, 2015 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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