Toro Co. says its fourth-quarter net profits plunged 95 percent. MarketWatch reports the Bloomington-based equipment maker earned $251,000 in the fiscal quarter that ended Oct. 31, compared to $5 million in the same period last year.
For the full fiscal year, Toro earned $130 million, compared with $118 million the previous year, the Associated Press reports. Annual revenue climbed 4 percent to a record $1.96 billion from $1.88 billion.
“The Toro Company completed another record year with new highs for revenues and earnings per share,” Chairman and CEO Michael Hoffman said in a news release. “While pleased with our performance, it could have been even better if not for limited snowfall around the world that reduced snowthrower sales by almost 50 percent. Despite the weather challenge and a continued sluggish worldwide economy, Toro made tremendous progress in 2012."
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