The Toro Co. reported third-quarter sales of $886.2 million in its professional segment, which includes Ditch Witch. Sales were up 23.3 percent from $718.5 million in the same period of 2021.
The company does not break out sales by brand, although it said the increase was due primarily by net price realization and higher shipments of certain professional lawn care machinery. Offsetting the gains were lower volume in certain key product categories due to product availability constraints.
Overall net sales for the quarter were $1.16 billion, up 18.8 percent from $976.8 million recorded in Q3 2021.
Gross margin for the third quarter was 34.5 percent, compared with 33.9 percent for the same prior-year period. The increase in gross margin was primarily due to net price realization and productivity improvements, partially offset by higher material, and freight and manufacturing costs.
“We delivered record results while advancing our strategic initiatives during the third quarter,” said Richard M. Olson, chairman and CEO, in a prepared statement. “Our ability to achieve this performance despite the broader macro uncertainty is a testament to the strength of our portfolio, disciplined execution, and collaborative approach. Our team continued to demonstrate resiliency and agility in this unique operating environment, while making progress in restoring historic margin levels and maintaining a sharp focus on serving our customers.
“We continue to see solid demand for our innovative solutions across our end markets and are well-prepared to capitalize on growth opportunities,” said Olson. “Orders in our professional segment remain strong, including exceptional momentum in underground construction….”
Source: The Toro Co.
