Toro meets financial goalsToro Co. today said that it expects to meet analysts' expectations for fiscal 2001 earnings per share (EPS). The company also said it expects to achieve double digit net earnings growth for the year.
"Given the current economic and political situation in the world, we are pleased with the momentum we sustained throughout this year," said Kendrick B. Melrose, chairman and chief executive officer of The Toro Company. "Moreover, we anticipate the momentum to drive another strong performance in 2002."
To fuel this momentum Toro is expecting its "5 by Five" profitability initiative to yield additional expense savings. Plus, Toro believes that the landscape contractor industry will continue to enjoy strong growth. Toro also said it would begin the new year with field inventories in line with company goals.
Furthermore, a new lawn mower initiative developed with The Home Depot is expected to be a substantial part of Toro's 2002 growth. It includes the introduction of an impressive new line of Toro lawn mowers targeted at the mid-priced market segment, available exclusively at The Home Depot stores and Toro dealers. The initiative also includes a line of aggressively priced premium models for Toro dealers only.
"We think this is a good fit for both The Home Depot and The Toro Company," said Steve Jansen, vice president, Merchandising, The Home Depot. "The Toro name brings with it a reputation for top performance and dependability. The Home Depot's reputation is grounded in our ability to provide our customers with products that have these great qualities."