Toro 2014 Annual Report Download - page 52

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CONSOLIDATED STATEMENTS OF EARNINGS
(Dollars and shares in thousands, except per share data) Fiscal years ended October 31 2014 2013 2012
Net sales $2,172,691 $2,041,431 $1,958,690
Cost of sales 1,399,420 1,316,634 1,285,596
Gross profit 773,271 724,797 673,094
Selling, general, and administrative expense 510,114 494,135 467,481
Operating earnings 263,157 230,662 205,613
Interest expense (15,426) (16,210) (16,906)
Other income, net 8,714 12,261 7,555
Earnings before income taxes 256,445 226,713 196,262
Provision for income taxes 82,575 71,868 66,721
Net earnings $ 173,870 $ 154,845 $ 129,541
Basic net earnings per share of common stock $ 3.09 $ 2.67 $ 2.18
Diluted net earnings per share of common stock $ 3.02 $ 2.62 $ 2.14
Weighted-average number of shares of common stock outstanding – Basic 56,359 57,922 59,446
Weighted-average number of shares of common stock outstanding – Diluted 57,628 59,105 60,618
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(Dollars in thousands) Fiscal years ended October 31 2014 2013 2012
Net earnings $173,870 $154,845 $129,541
Other comprehensive (loss) income, net of tax:
Foreign currency translation adjustments, net of tax of $(34), $247, and $0, respectively (4,758) (2,342) (2,532)
Pension and retiree medical benefits, net of tax of $10, $904, and $279, respectively (1,583) 645 (528)
Derivative instruments, net of tax of $2,350, $(261), and $(239), respectively 3,206 (899) (88)
Other comprehensive loss, net (3,135) (2,596) (3,148)
Comprehensive income $170,735 $152,249 $126,393
The financial statements should be read in conjunction with the Notes to Consolidated Financial Statements
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