Toro Co. saw sales rise 11.3 percent to $567.5 million as favorable summer growing conditions in key markets helped drive sales after the company faced challenges of late spring weather in the previous quarter.
The Bloomington-based maker of turf and construction equipment said its fiscal third-quarter profit was $50 million, or 87 cents per share, four cents better than analysts' expectations. Toro's quarterly earnings rose 24.7 percent from the $40.1 million reported in the third quarter last year and earnings per share increased 27.9 percent from 68 cents.
The company also raised its guidance for the remainder of the fiscal year. It is expecting revenue growth of approximately 6 percent and increased guidance on its earnings per share to $2.94 to $2.96 per share, up from $2.90 to $2.95 per share. Toro shares closed Thursday at $62.51, up $1.26 or 2 percent.
The company reached its record quarterly results in the same period it celebrated its 100th anniversary.
"Our team is especially proud to deliver record results and double-digit sales and earnings growth for the third quarter in which we also celebrated our Centennial milestone," Toro Chairman and CEO Mike Hoffman said in the company's earnings statement.
For the first nine months of the year, Toro reported sales of $1.759 billion, a 6 percent increase over the same period a year ago. Net earnings were $163 million, or $2.82 per share.