(RTTNews)  The Toro Co. (TTC), a provider of turf and landscape maintenance equipment, and precision irrigation systems, reported an increase in second-quarter profit, driven by the company's new product portfolio and the early start to spring and favorable weather conditions across much of the U.S.

The company's second-quarter net income was $68.8 million or $2.26 per share, compared to $60.3 million or $1.88 per share in the prior year quarter.

On average, 5 analysts polled by Thomson Reuters expected the company to report earnings of $2.13 per share for the quarter. Analysts' estimates typically exclude special items.

Quarterly net sales totaled $691.5 million, higher than the previous year's $631.6 million, and surpassed the $676.40 million consensus revenue estimate of three Wall Street analysts.

Michael Hoffman, chairman and chief executive officer of Toro, said, “Turf is growing – driving sales of residential mowing products, and golfers are playing more golf – contributing to revenue for golf courses and improving their ability to invest in new products.”

Looking ahead, the company now projects fiscal 2012 earnings to be about $4.30 per share, which includes the $0.15 - $0.20 negative earnings per share impact for investments related to the Astec and Stone product line acquisitions. Fiscal 2012 revenue growth is expected to be about 7% - 8%. Analysts expect the company to report earnings of $4.26 per share on revenues of $2.02 billion for the year 2012.

Previously, the company had projected fiscal 2012 net earnings to be about $4.20 per share, including a $0.10 - $0.15 negative earnings per share impact for integration investments related to the acquisition of the Astec products. Revenue increase for 2012 was expected to be about 6% - 7%.

In addition, Toro stated that its Board of Directors has declared a two-for-one split of the company’s common stock, which will be effected in the form of a 100% stock dividend. The stock dividend will be distributed on June 29 to shareholders of record as of June 15.

by RTT Staff Writer

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