The Toro Company has reported results for its fourth quarter and full fiscal year ended October 31, 2019.

The company announced that full-year net sales increased 19.8% over the prior fiscal year to a record $3.1 billion.

The company attributed this success to the acquisition of Charles Machine Works and strong demand for their snow and ice management products.

Toro acquired the maker of the Ditch Witch products last year

Richard M. Olson, Toro’s chairman and chief executive officer, said, "We concluded fiscal 2019 by exceeding the $3 billion revenue milestone and delivering strong gross margin and revenue growth momentum heading into fiscal 2020.

"The year was marked by record results, the transformational acquisition of Charles Machine Works and strong demand for snow and ice management products in our professional and residential segments. New product introductions contributed to our growth, such as the stand-on BOSS Snowrator, the redesigned Power Clear snow thrower and the Flex-Force lithium-ion battery-powered products with all season capability.

"I would like to thank our team and channel partners for their dedication, consistent execution, and continued focus on our end customers.”

Fiscal Year 2019 Financial Highlights

• Net sales of $3,138.1 million, up 19.8% compared to fiscal 2018 net sales of $2,618.7 million
• Net earnings of $274.0 million, up 0.8% compared to fiscal 2018 net earnings of $271.9 million; *Adjusted net earnings of $324.3 million, up 11.8% compared to fiscal 2018 adjusted net earnings of $290.1 million

Fourth Quarter Fiscal 2019 Financial Highlights

• Net sales of $734.4 million, up 36.2% compared to fiscal 2018 net sales of $539.3 million
• Net earnings of $38.3 million, down 2.0% compared to fiscal 2018 net earnings of $39.0 million; *Adjusted net earnings of $51.8 million, up 51.5% compared to fiscal 2018 adjusted net earnings of $34.2 million

Looking ahead to 2020 Richard M Olson said, “With the first quarter of fiscal 2020 underway, we are encouraged by the retail activity in our professional and residential snow and ice management products. The fundamentals of the business remain strong and we expect to generate higher levels of free cash flow and return value to our shareholders through dividends and share repurchases."