Toro Q4 Profit Increases - Quick Facts

(RTTNews) - The Toro Co. (TTC) reported that its fourth-quarter net earnings significantly increased to $4.95 million or $0.08 per share, from $251 thousand or break even per share in the same quarter last year. Analysts polled by Thomson Reuters expected the company to report earnings of $0.03 per share. Analysts' estimates typically exclude special items.

Operating earnings increased to $8.41 million from last year's $4.11 million.

Net sales for the quarter rose to $382.37 million from $339.29 million in the prior year quarter. Two analysts had consensus revenue estimate of $369.40 million for the quarter.

The company also announced that its board of directors has declared a quarterly cash dividend of $0.20 per share, an increase from its previous quarterly dividend rate of $0.14 per share. This dividend is payable on January 15, 2014, to shareholders of record on December 30, 2013.

In addition, the company increased its annual dividend guideline to 30 to 40 percent of its three-year average net earnings per share, up from the previous guideline of 20 to 30 percent. In fiscal 2013, the company paid $32.5 million in dividends and repurchased over 2 million shares of its common stock, returning more than $130 million in total cash to its shareholders.

For the first quarter, the company expects net earnings to be about $0.35 per share, with unfavorable year-over-year quarterly comparisons due to increased sales accelerated into the first quarter of last year by the Tier 4 diesel engine transition that will not be repeated this year. Analysts project first-quarter earnings of $0.49 per share.

The company expects revenue growth for fiscal 2014 to be about 4 to 5 percent, and net earnings to be about $2.85 to $2.90 per share. Street currently is looking for fiscal year 2014 earnings of $2.93 per share on annual revenues of $2.17 billion.