Toro’s earnings decline in third quarter

Pointing to the weakness of the domestic economy, Toro reported fiscal third-quarter net earnings of $38.2 million, down 10.1 percent from $42.5 million last year.

New sales grew 3 percent to $492.6 million, up from $478.7 million the previous year, which the company attributed to the strength of its international business.

Professional segment net sales for the quarter increased 5.9 percent to $351.6 million, while residential sales declined 0.6 percent to $132.1 million.

The company expects overall economic conditions to remain difficult for the remainder of fiscal 2008. “In the current environment, we’ll maintain our focus on driving retail demand, managing inventory levels and addressing rising commodity costs,” said Michael J. Hoffman, Toro’s chairman and CEO.

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