John Deere, Toro report strong 3Q growth: Toro posts higher net earnings

Golf Course News, Oct 2002

BUSINESS

MOLINE, Ill. - Citing increased sales overseas and higher commercial and consumer equipment sales, Deere & Co. reported worldwide net income of $147.6 million for the third quarter ended July 31, more than double last year's $71.8 million.

Increased sales for both periods were mainly due to higher overseas sales of agricultural equipment, primarily in Europe, higher commercial and consumer equipment sales and the impact of acquisitions less divestitures.

Based on the market conditions, net equipment sales for the fourth quarter are currently forecast to be up 8 to 10 percent from the same period last year.

BLOOMINGTON, Minn. The Toro Co. has reported net earnings of $21.9 million on net sales of $375.6 million for its fiscal third quarter ended Aug. 2. In the comparable fiscal 2001 period, the company reported net earnings of $16.9 million on net sales of $329.7 million.

Due to new equipment and irrigation products, professional sales were up six percent for the quarter. In both grounds and golf, Toro reported that customers are ordering closer to retail demand reflecting their concerns about inventory. As a direct result of this "just in time" ordering strategy, sales were behind retail levels for most products.