Toro 2013 Annual Report Download - page 5

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Series mowers, offer onboard intelligence platforms to
enhance overall performance in a wide range of mowing
conditions by allowing communication and response
between key systems on the mower.
Homeowners looking to save space can now reduce the
footprint of their walk power mower by up to 70 percent
with the new Toro® Recycler® mower with SmartStow™
technology. This breakthrough mower can be stored
vertically and features technology that ensures no leaking
of gas or oil when stored in the upright position. Combined
with the durable, high-quality mulching of the Recycler
mower, homeowners can now save both space and time.
Finally, the lithium-ion battery technology on the new
Toro® 48-volt Max string trimmer gives homeowners the
power and performance of a gas trimmer without the
hassle and maintenance of gas and oil. This trimmer
uses high capacity interchangeable batteries that provide
up to twice the power per weight when compared to
traditional batteries.
As we approach our Centennial, our commitment to
innovation is stronger than ever, evidenced by our record
$65 million investment into engineering and research in
fiscal 2013.
Outlook
We will remain focused on the very things that have made
us successful for our first 100 years: developing
innovative products and serving our customers. These
values helped to drive our record results in fiscal 2013
and will continue to drive our efforts in 2014. As such, we
are cautiously optimistic about the prospects for our
Centennial year, yet ever aware of the challenges that
economic and weather uncertainties can present.
The final year of our Destination 2014 initiative has
commenced and we are pursuing our goals of $100
million in organic growth in fiscal 2014 and 12 percent
operating earnings by the end of fiscal 2014. We also
remain committed to returning value to our shareholders,
as demonstrated by the recent increase in our quarterly
cash dividend and raising our annual dividend guideline
to 30–40 percent of the three-year average of earnings
per share.
I want to thank our employees around the world for their
dedication and hard work that made our strong fiscal
2013 results possible. For the last 100 years, you have
been the foundation of this company and your
commitment will lead us to even greater future success.
Finally, on behalf of our Board of Directors and
employees, I want to thank all of you, our shareholders,
for your continued trust in The Toro Company.
Sincerely,
Michael J. Hoffman
Chairman and Chief Executive Officer