Toro 2008 Annual Report Download - page 48

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CONSOLIDATED STATEMENTS OF EARNINGS
(Dollars and shares in thousands, except per share data) Fiscal years ended October 31 2008 2007 2006
Net sales $1,878,184 $1,876,904 $1,835,991
Cost of sales 1,225,474 1,198,529 1,192,675
Gross profit 652,710 678,375 643,316
Selling, general, and administrative expense 454,301 454,726 440,440
Earnings from operations 198,409 223,649 202,876
Interest expense (19,333) (19,445) (17,672)
Other income, net 2,213 9,023 7,550
Earnings before income taxes 181,289 213,227 192,754
Provision for income taxes 61,638 70,791 63,609
Net earnings $ 119,651 $ 142,436 $ 129,145
Basic net earnings per share of common stock $ 3.17 $ 3.50 $ 3.01
Diluted net earnings per share of common stock $ 3.10 $ 3.40 $ 2.91
Weighted-average number of shares of common stock outstanding – Basic 37,736 40,682 42,887
Weighted-average number of shares of common stock outstanding – Diluted 38,579 41,864 44,344
The financial statements should be read in conjunction with the Notes to Consolidated Financial Statements.
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