Please wait while we load the requested 10-K report or click the link below:
Director, Investor Relations
(952) 887-8923, firstname.lastname@example.org
Senior Manager, Public Relations
(952) 887-8930, email@example.com
For Immediate Release
The Toro Company Reports Record Fiscal 2016 Results
· Fiscal 2016 net earnings per share for the year up 15.7 percent to a record $2.06
· Professional segment drives solid performance for the year
· Quarterly cash dividend increased 16.7 percent to $0.175 per share
BLOOMINGTON, Minn. (December 8, 2016) The Toro Company (NYSE: TTC) today reported net earnings of $231.0 million, or $2.06 per share, on a net sales increase of 0.1 percent to $2.392 billion for its fiscal year ended October 31, 2016. In fiscal 2015, the company delivered net earnings of $201.6 million, or $1.78 per share for the year, on net sales of $2.391 billion.
For the fourth quarter, Toro reported net earnings of $30.2 million or $0.27 per share, on a net sales decrease of 2.6 percent to $468.4 million. In the comparable 2015 period, the company posted net earnings of $23.6 million on net sales of $480.8 million.
Shares and per share data have been adjusted for all periods presented to reflect a two-for-one stock split effective September 16, 2016.
The company also announced that its board of directors has declared a quarterly cash dividend of $0.175 per share, a 16.7 percent increase from its previous quarterly dividend rate of $0.15 per share. This dividend is payable on January 12, 2017 to shareholders of record on December 27, 2016. For the fiscal year, the company returned almost $178 million to shareholders through the payment of $65.9 million in dividends and the repurchase of approximately 2.7 million shares of common stock.
We are pleased to announce record earnings for fiscal 2016, driven by consistent performance and growth in our professional businesses, said Richard M. Olson, Toros president and chief executive officer. New product introductions across the portfolio were favorably received and we made notable progress in reducing our inventory levels. Despite challenges presented by negative currency conditions and a lack of in-season snowfall, we benefitted from solid demand for our golf equipment and irrigation products and we gained share in those markets. Similarly, we saw increased momentum in our landscape contractor, specialty construction and rental businesses due to the success of new products such as the TITAN® HD zero turn mower and the Dingo® TX 1000.
The following information was filed by Toro Co (TTC) on Thursday, December 8, 2016 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.
View differences made from one year to another to evaluate Toro Co's financial trajectory
Compare this 10-K Annual Report to its predecessor by reading our highlights to see what text and tables were
removed , and by Toro Co.