February 18, 2010 / 3:05 PM / 7 years ago

UPDATE 1-Toro Co Q1 profit jumps, gives Q2 profit outlook

2 Min Read

* Q1 EPS $0.32 vs $0.18 year ago

* Q1 revenue falls about 3 pct

* Sees Q2 EPS about $1.15 vs est $1.14

Feb 18 (Reuters) - Irrigation equipment maker Toro Co (TTC.N) posted a 62 percent jump in its quarterly profit, helped by increase in sales at its residential segment.

For the second quarter, the company expects earnings of about $1.15 per share, while analysts were expecting $1.14 a share, according to Thomson Reuters I/B/E/S.

"Given our leaner cost structure, and continued focus on innovation and asset management, we believe we are well positioned to benefit from a recovery in retail demand as our markets improve," the company said in a statement.

For the first quarter ended Jan. 29, the company reported net income of $10.9 million, or 32 cents a share, compared with $6.7 million, or 18 cents a share, a year ago.

Revenue for the quarter fell about 3 percent to $331.4 million.

Residential segment sales were up 9 percent at $116.8 million, helped by strong orders of irrigation products in Australia due to improved weather conditions.

Analysts on average were expecting the company to earn 21 cents a share, before special items, on revenue of $337.2 million, according to Thomson Reuters I/B/E/S.

Shares of the company had closed at $43.41 Wednesday on the New York Stock Exchange. (Reporting by Fareha Khan in Bangalore; Editing by Jarshad Kakkrakandy)

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