Toro Co. (TTC - Free Report) 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.
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 with Lincoln Electric Holdings Inc. (LECO - Free Report) and Simpson Manufacturing Co., Inc. (SSD - Free Report) , 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 and Residential.
Toro currently retains a Zacks Rank #2 (Buy). Snap-on Inc. (SNA - Free Report) , which belongs to the small tools and accessories industry, also holds a Zacks Rank #2 (Buy).