Toro backs sales outlook, revises 3rd-quarter profit estimate on charges

Toro still expects 2009 sales to fall 18 percent

BLOOMINGTON, Minn. — Toro Co., which makes outdoor maintenance equipment, on Thursday backed its 2009 sales guidance, saying that it still expects sales to drop about 18 percent.

Based on 2008 sales of $1.88 billion, that means Toro anticipates 2009 sales of about $1.54 billion. Analysts polled by Thomson Reuters expect $1.5 billion.

Toro also revised its 2009 earnings forecast to between 1.53 and $1.63 per share to account for third-quarter charges of 15 cents per share related to layoffs and other items. The company previously projected a profit of between $1.60 and $1.80 per share.

Analysts, on average, expect a profit of $1.64 per share for the year. Analysts’ estimates generally exclude one-time charges.

Toro makes equipment to care for lawns, golf courses and other outdoor spaces.