Toro to Buy Chinese Company; Profits Rise 58%
Posted: 2/22/2013 |
The Toro Company on Thursday reported first-quarter earnings growth and said it will strengthen its presence in China through the acquisition of a “micro-irrigation” company.
Bloomington-based Toro—which provides turf, landscape, rental, and construction equipment, as well as irrigation and outdoor lighting products—said its performance was driven by strong demand for large turf equipment and growth in micro-irrigation sales. Micro-irrigation refers to systems that slowly drip water to the roots of plants.
Toro’s earnings for the quarter that ended February 1 totaled $31.4 million, or 53 cents per share, up about 58 percent from the same period a year ago. Revenue, meanwhile, climbed about 5 percent to $444.7 million.