TORO CO REPORTS RECORD FISCAL FULL-YEAR

The Toro Company in the U.S has reported record results for their fourth-quarter and full-year fiscal for 2022.

Full-year net sales were $4.51 billion, which is up 14% year on year - whilst fourth-quarter net sales were $1.17 billion, which is up 22% year on year.

Richard M. Olson, chairman and chief executive officer said, "We delivered record top and bottom line results in the quarter and for fiscal 2022, with full-year net sales exceeding four billion dollars for the first time in company history.

"Demand for our innovative products remained strong throughout the year, especially in key professional markets. Our employees and channel partners collaborated to achieve outstanding results in what remained a very dynamic operating environment. Most importantly, we continued to advance our strategic priorities with a focus on driving value now and into the future for all stakeholders."

Richard continued, “In the fourth quarter, professional segment demand was broad-based. Our biggest constraint remained our ability to fulfil the heightened backlog of orders given the current supply chain environment. For the residential segment, retail demand continued to normalise, reflecting more typical seasonal trends and weather patterns. Notably, this demand normalisation is building off the higher base we have established over the past few years with our refreshed product line-up, expanded channel, and enhanced brand marketing.”

Looking ahead to this year, Richard said, "We have started fiscal 2023 with great momentum, supported by substantial order backlogs for products in key professional end markets and expected benefits from our pricing and productivity initiatives." 

He also said the company would be prioritising investment in "the key technology areas of alternative power, smart-connected, and autonomous solutions."

For further details on the company's results visit here.