TORO CO

Professional Segment

•Professional segment net sales for the second quarter were $1,005.6 million, down 5.9% from $1,068.7 million in the same period last year. The decrease was primarily driven by lower shipments of zero-turn mowers, partially offset by higher shipments of underground and specialty construction equipment and golf and grounds products.

•Professional segment earnings for the second quarter were $190.7 million, down 16.2% from $227.5 million in the same period last year, and when expressed as a percentage of net sales, 19.0%, compared to 21.3% in the prior-year period. The change in profitability as expected was primarily due tolower net sales volume and higher material and manufacturing costs, partially offset by productivity improvements.