Toro 2011 Annual Report Download - page 3

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Net sales for fi scal 2011 increased 11.5 percent to a record
$1.9 billion, surpassing the previous record set in fi scal
2008. On the earnings front, we posted net income of
$117.7 million, or $3.70 per share – compared with $2.79
per share last year. Improved global demand across our
professional businesses drove our growth for the year with
the professional segment delivering two-thirds of total sales.
Investments in innovation
Innovation remained a key component of our competitive
advantage. In fact, new products – those introduced the
current and previous two years – accounted for over 50
percent of total sales in 2011, marking the highest level
in recent history. These new product offerings played a
signifi cant role in helping us increase market share by
outgrowing the market.
A few examples include our new Toro® Groundsmaster® 360
rotary mower, featuring unique all-wheel steering for added
control and unmatched maneuverability that signifi cantly
increases operator productivity. Our Toro® Greensmaster®
riding greens mowers were completely redesigned and now
deliver even greater cutting performance. We also intro-
duced the industry’s fi rst lithium-ion battery-powered walk
To our valued shareholders,
We are pleased to report that in spite of challenging weather and economic conditions we
achieved record results in fi scal 2011. Our team’s enduring commitment to valued business
relationships and industry-leading innovation helped us enter new product categories and
grow market share around the world.
Michael J. Hoffman
Chairman and CEO
Relationships remain strong
With strong relationships around the world, we value the trust customers place
in our people and products. From the Congressional Country Club (site of the
2011 U.S. Open) and the Royal Melbourne Golf Club (site of the 2011
President’s Cup) to Eden Park in New Zealand (site for the 2011 Rugby World
Cup) and Banyan Golf Club (host of His Majesty the King’s Elephant Polo
Tournament in Thailand), Toro and its channel partners are committed to
supporting customers with the highest level of service and innovative products.