Sales in the third quarter were $976.8 million for The Toro Co., up 16.2 percent over the same period in 2020. The company raised its outlook on the news, and now expects net sales growth of about 17 percent, up from a range of 12 percent to 15 percent previously.
“Robust sales continued throughout the quarter in both our professional and residential segments,” said Richard M. Olson, chairman and CEO, in a prepared statement. “As we capitalized on the current demand environment and focused on serving our customers, our dedicated team and channel partners demonstrated extraordinary resolve in navigating global supply chain challenges.
Toro professional segment results
Sales in the professional segment were $718.5 million, up 15.2 percent from the $623.6 million reported in Q3 2020. Sales decreased in its underground construction equipment segment (including Ditch Witch) due to “product availability.”
Net earnings for the quarter were $96.3 million, up 8.3 percent from $89.0 million in the third quarter of fiscal 2020