BLOOMINGTON, Minn. – The Toro Company, based here, reported record results in the second quarter of the year, and a two-for-one stock split.
Net earnings per share for the second quarter were $68.8 million or $2.26, compared to $1.88 per share in the same period last year. For the first six months of the year, Toro reported net earnings of $88.7 million or $2.91 per shre, compared to $2.41 per share last year. Net sales for the first six months were $1,115.3 million.
Toro Chairman and CEO Mike Hoffman attributed the strong sales and growth to new products and the good spring weather that had landscape contractors at work and golf courses opening earlier than usual. Strong divisions included landscape and grounds, golf and micro irrigation. Weaker results were achieved in Europe.
Toro also announced that its board of directors has declared a two-for-one split of the common’s common stock, which will be effected in the form of a 10 percent stock dividend. The stock dividend will be distributed on June 29 for shareholders of record.