Toro Co. reported record first-quarter earnings per share and revenues Thursday, beating Wall Street earnings expectations. The company also raised its earnings projections for the year.
Toro said the quarter's results were driven by strong demand for large turf equipment and the continued sales growth of micro irrigation equipment. Sales of the company's snow moving equipment benefitted from heavy snow on the East Coast, which helped clear dealer inventories.
The company earned $31.4 million. Earnings per share were 53 cents, up 60 percent, and 10 cents a share greater than a consensus of Wall Street analysts had been expecting. The per share figures are adjusted to reflect a two-for-one stock split last June.
Revenue was $444.7 million, up 4.9 percent, but fell short of the $461.6 million that analysts had been expecting.
Toro said it expects revenue growth of 4 to 5 percent in 2013, and is raising its earnings outlook for the year to $2.40 to $2.45 per share; analysts had been expecting $2.44 a share. In the second quarter, Toro expects earnings to be about $1.20 per share; analysts have been expecting about $1.19 per share.