Toro 2015 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 2015 2014 2013
Net sales $2,390,875 $2,172,691 $2,041,431
Cost of sales 1,554,940 1,399,420 1,316,634
Gross profit 835,935 773,271 724,797
Selling, general, and administrative expense 536,821 510,114 494,135
Operating earnings 299,114 263,157 230,662
Interest expense (18,757) (15,426) (16,210)
Other income, net 10,674 8,714 12,261
Earnings before income taxes 291,031 256,445 226,713
Provision for income taxes 89,440 82,575 71,868
Net earnings $ 201,591 $ 173,870 $ 154,845
Basic net earnings per share of common stock $ 3.63 $ 3.09 $ 2.67
Diluted net earnings per share of common stock $ 3.55 $ 3.02 $ 2.62
Weighted-average number of shares of common stock outstanding – Basic 55,565 56,359 57,922
Weighted-average number of shares of common stock outstanding – Diluted 56,757 57,628 59,105
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(Dollars in thousands) Fiscal years ended October 31 2015 2014 2013
Net earnings $201,591 $173,870 $154,845
Other comprehensive (loss) income, net of tax:
Foreign currency translation adjustments, net of tax of $(51), $(34), and $247, respectively (11,792) (4,758) (2,342)
Pension and retiree medical benefits, net of tax of $299, $10, and $904, respectively (120) (1,583) 645
Derivative instruments, net of tax of $(933), $2,350, and $(261), respectively (2,226) 3,206 (899)
Other comprehensive loss, net (14,138) (3,135) (2,596)
Comprehensive income $187,453 $170,735 $152,249
The financial statements should be read in conjunction with the Notes to Consolidated Financial Statements
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