Toro Optimistic About Golf In 2004

Bloomington, Minn. — The Toro Company reported net earnings of $9.3 million, or $0.36 per diluted share, on net sales of $313.6 million for its fiscal 2004 first quarter ended January 30, 2004. 

In the comparable fiscal 2003 period, the company reported net earnings of $7.0 million, or $0.27 per diluted share, on net sales of $296.0 million. 

"We are off to a strong start in the new fiscal year," said Ken Melrose, The Toro Company Chairman and Chief Executive Officer. "Overall, dealers and distributors are feeling optimistic about 2004 and have been placing orders reflecting their expectations of an upturn in the economy,” Melrose added.  

Melrose was equally optimistic about the golf market in 2004. "We are also very encouraged by our customers' optimistic outlook for a strong 2004 expressed at this month's Golf Course Superintendents Association of America Show and Conference, held in San Diego," Melrose said.

According to Toro, international shipments for the first quarter benefited from favorable foreign currency exchange rates, as well as strong shipments of golf mowing equipment and irrigation products.

 Compared with the fiscal 2003 first quarter, fiscal 2004 first quarter professional segment sales increased 7.4% to $207.7 million. The top-line growth in the quarter resulted primarily from increases in landscape contractor equipment and irrigation sales, the company announced.