The Toro Company Beats Q4 Expectations

The Toro Company TTC reported fourth earnings Thursday for its fiscal year ended October 31, 2014. Fourth-quarter net sales saw an increase of 8.3 percent to $414.1 million, above estimates of $409.90 million and the $382.37 million reported in the yar-ago period.

Net earnings were $10.9 million, or $0.19 per share, above estimates of $0.15. In the comparable fiscal 2013 period, the company posted net earnings of $5 million on net sales of $382.4 million.

The company also announced that its board of directors has declared a quarterly cash dividend of $0.25 per share, a 25 percent increase from its previous quarterly dividend rate of $0.20 per share. This dividend is payable on January 12, 2015, to shareholders of record on December 23, 2014.

“Fiscal 2014 was a significant year for The Toro Company for many reasons,” said Michael J. Hoffman, Toro’s chairman and chief executive officer. “We delivered record sales, operating earnings and earnings per share, which enabled us to successfully achieve our Destination 2014 revenue and profitability targets.

The company expected revenue growth for fiscal 2015 to be about 8 to 10 percent, and net earnings to be about $3.30 to $3.40 per share. For the first quarter, the company expected net earnings to be about $0.47 per share.

The Toro Company traded at $66.26, down 0.72 percent.