The Toro Co. (TTC) posted a plunge in fourth-quarter net earnings to $0.3 million, from last year's $5 million. On a per share basis, the company reported a breakeven for the recent quarter, versus $0.08 a year before. On average, 5 analysts polled by Thomson Reuters expected breakeven per share for the quarter. Analysts' estimates typically exclude one-time items.
Quarterly net sales were down 7.8 percent to $339.3 million, from $$368.1 million in the comparable fiscal 2011 period. Analysts estimated revenues of $349.83 million for the quarter.
Earnings per share figures for the period reported have been adjusted to reflect the company's 2-for-1 stock split effective June 29, 2012, the company added.
For the first quarter, the company expects net earnings to be about $0.40 to $0.45 per share, positively impacted by anticipated accelerated purchases of diesel products in advance of the Tier 4 price change. Two analysts project first-quarter earnings of $0.39 per share.
The company sees revenue growth for fiscal 2013 to be about 4 to 5 percent, and net earnings to be about $2.35 to $2.40 per share. Analysts anticipate earnings of $2.45 per share for the full year.
For comments and feedback: editorial@rttnews.com