Toro Co. (NYSE:TTC) said Thursday it beat estimates on its third-quarter earnings, as global sales pushed by improved customer demand in its professional segment helped boost revenues, leading the company to raise its full year outlook.
The turf caretaker posted net earnings of $33.4 million, or $1.01 a share, compared with $19.8 million, or 54 cents a share, in the same quarter last year, and ahead of average analyst estimates of 78 cents, according to a Thomson Reuters poll.
Revenue for the Minnesota-based company was $458.9 million, compared with $394.9 million, in the same quarter last year, and beating the Street’s view of $429.93 million.
“Even with concerns expressed by many economists of a slower recovery, we experienced strong end-user demand during our summer selling season,” Toro CEO Michael J. Hoffman said, noting positive momentum from innovative new products, particularly within its professional markets, enabled it to improve profitability.
Professional segment sales were up 21.8% to $317.9 million, driven by global orders for golf equipment and irrigation systems as customers increased capital equipment spending.
Hoffman, who noted he is “greatly encouraged” by the recovery of the company’s markets and increased demand for products, said the company raised its full year outlook, now expecting earnings to be about $2.70 a share.