“We are pleased to deliver another record quarter, despite challenging spring conditions and inflationary headwinds,” said Richard M. Olson, Toro’s chairman and chief executive officer. “Our professional segment benefitted from balanced growth across multiple businesses as our channel partners prepared for the turf season. New products like our diesel-powered zero-turn mowers in the landscape contractor business and our largest compact utility loader in the rental and specialty construction businesses, bolstered that positive momentum. Golf and grounds also performed well due to increased demand for rotary mowers and the continued strength of our large reel mowers,” said Olson. “We are also excited about our latest acquisition, L.T. Rich Products, which adds innovative stand-on application and snow removal equipment to our portfolio.”
“Our residential segment was not immune to the challenges experienced industry-wide, caused by a slow start to spring in North America and Europe. The coldest April temperatures in 20 years negatively affected sales of our walk power and zero-turn riding mowers in the quarter. We are, however, encouraged by the weather patterns in May and we are hopeful that they will continue for the balance of our peak turf season.”
“With the second half of the fiscal year still ahead of us, May retail activity is trending favorably for turf products and the late season snow helped set the stage for a good pre-season sell-in later in the fiscal year. We are encouraged by the global economic landscape and the optimism expressed by channel partners across our businesses. We are well positioned to meet customer needs through continued innovation, strong operational execution and continued focus fueling our productivity efforts, as our Vision 2020 employee initiatives gain traction. As always, we will work to prudently manage through the current inflationary environment.”
The Toro Company Reports Record Second Quarter Results | The Toro Company
