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Article: TORO'S EARNINGS BETTER THAN EXPECTED DESPITE LOWER SALES DUE TO LATE SPRING
- Article from:
- PR Newswire
- Article date:
- May 29, 1996
CopyrightCOPYRIGHT 1996 PR Newswire Association LLC. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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BLOOMINGTON, Minn., May 29 /PRNewswire/ -- The Toro Company (NYSE: TTC) reported today that earnings per share for the second quarter ending May 3, 1996, were flat despite a drop in sales due to the late spring weather. Although net revenues declined by 7.1 percent to $288.6 million from $310.6 million for the same period last year, earnings per share were $1.33 compared to $1.32. Net earnings for the period were $16.8 million compared to $17.5 million last year.
"Our results were better than expected because of late April shipments driven by strong international sales and a gradual warm up towards the end of the quarter," said Kendrick B. Melrose, chairman and ...