Toro Q3 Results Top View, Lifts FY14 Outlook - Quick Facts

(RTTNews) - The Toro Co. (TTC) Thursday reported increased earnings for the third quarter, amid higher revenues.

Net earnings increased to $50.01 million from $40.1 million last year. Earnings per share improved to $0.87 from $0.68.

On average, five analysts polled by Thomson Reuters expected earnings of $0.83 per share for the quarter. Analysts' estimates typically exclude special items.

Sales increased 11.3 percent to a record $567.5 million from $509.92 million, driven by strong retail demand for both professional and residential products. Analysts expected revenues of $558.10 million.

Toto provides innovative turf, landscape, rental and construction equipment, and irrigation and outdoor lighting solutions.

The company now expects revenue growth for fiscal 2014 to be about 6 percent, and net earnings per share to be about $2.94 to $2.96. Analysts look for earnings of $2.96 per share.

In May, the firm expected full year net earnings of about $2.90 to $2.95 per share on revenue growth of about 5 to 6 percent.

The company said a strong snow pre-season and continued productivity gains, somewhat offset by product mix, should drive solid fourth quarter revenue and earnings results.