Full-year 2022 sales rose 14 percent, according to Toro, totaling $4.51 billion. Earnings for the year were up 8 percent to $443.3 million.
The company said full-year sales in the professional segment, which includes Toro light construction and Ditch Witch underground brands, were up 17.1 percent to $3.43 billion, driven by net price realization and the Intimidator Group acquisition.
“In the fourth quarter, professional segment demand was broad-based,” said Richard M. Olson, chairman/CEO, in a statement. “Our biggest constraint remained our ability to fulfill the heightened backlog of orders given the current supply chain environment.”
For 2023, the company expects net sales growth in the range of 7 to 10 percent.
Source: The Toro Co.
About the Author
Rod Sutton
Sutton served as the editorial lead of Construction Equipment from 2001 through 2025.