) has announced the expansion of its home facility in
Bloomington, Minn. The $25 million expansion will help the
company grow and satisfy its customer needs in the future.
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TORO CO (TTC): Free Stock Analysis Report
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The 75,000 square foot expansion will give Toro more office space
for product development and enhancement of technical
capabilities. Ryan Companies US, Inc. is leading the construction
project alongwith LEO A DALY LLP.
The project is in sync with Toro's commitment to continued
innovation. The construction is scheduled to be completed by the
summer of 2014. The company will celebrate its 100th anniversary
next year and is looking forward for the completion of the
project on the occasion.
Toro, which belongs to small tools and accessories industry along
Lincoln Electric Holdings Inc.
Simpson Manufacturing Co., Inc.
), reported third-quarter fiscal 2013 earnings of 68 cents per
share, up 1.5% year over year. The results were ahead of the
Zacks Consensus Estimate of 65 cents.
The company revised its revenue growth expectation for fiscal
2013 to around 4% from 3% to 4%. The earnings outlook was also
tweaked to about $2.55 per share from the prior view of $2.40 to
$2.45 per share, based on the strength of margin improvement.
Toro continues to see growth opportunities through the ongoing
introduction of innovative products and increased focus on
markets like municipal and sports fields. The new underground
product portfolio is well positioned to grow in international
markets. However, foreign exchange volatility and social and
political unrest remain headwinds.
As a worldwide provider of turf and landscape maintenance
equipment as well as irrigation solutions, Toro helps its
customers care for golf courses, sports fields, public green
spaces, commercial and residential properties, and agricultural
fields. The company operates through two segments - Professional
Toro currently retains a Zacks Rank #2 (Buy).
), which belongs to the small tools and accessories industry,
also holds a Zacks Rank #2 (Buy).