Toro 2013 Annual Report Download - page 49

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CONSOLIDATED STATEMENTS OF EARNINGS
(Dollars and shares in thousands, except per share data) Fiscal years ended October 31 2013 2012 2011
Net sales $2,041,431 $1,958,690 $1,883,953
Cost of sales 1,316,634 1,285,596 1,247,306
Gross profit 724,797 673,094 636,647
Selling, general, and administrative expense 494,135 467,481 452,160
Operating earnings 230,662 205,613 184,487
Interest expense (16,210) (16,906) (16,970)
Other income, net 12,261 7,555 7,309
Earnings before income taxes 226,713 196,262 174,826
Provision for income taxes 71,868 66,721 57,168
Net earnings $ 154,845 $ 129,541 $ 117,658
Basic net earnings per share of common stock $ 2.67 $ 2.18 $ 1.88
Diluted net earnings per share of common stock $ 2.62 $ 2.14 $ 1.85
Weighted-average number of shares of common stock outstanding – Basic 57,922 59,446 62,534
Weighted-average number of shares of common stock outstanding – Diluted 59,105 60,618 63,594
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(Dollars in thousands) Fiscal years ended October 31 2013 2012 2011
Net earnings $154,845 $129,541 $117,658
Other comprehensive (loss) income, net of tax:
Foreign currency translation adjustments, net of tax of $247, $0, and $0, respectively (2,342) (2,532) 104
Pension and retiree medical benefits, net of tax of $904, $279, and $(484), respectively 645 (528) (539)
Derivative instruments, net of tax of $(261), $(239), and $1,566, respectively (899) (88) 2,671
Other comprehensive (loss) income, net (2,596) (3,148) 2,236
Comprehensive income $152,249 $126,393 $119,894
The financial statements should be read in conjunction with the Notes to Consolidated Financial Statements
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