Wednesday June 19, 2013
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Toro Mows Down its Own Quarterly Earnings Record in Latest Report
The Toro Company (TTC) reported its first-quarter results this past week. Toro set a company record for first-quarter earnings results.
The company reported net earnings of $19.9 million or $0.65 per share. Net earnings were up $0.226 per share for the quarter.
The company also reported net sales of $423.8 million. This represents an increase from $383.2 million in the same period last year.
"Retail sales of our golf and landscape contractor equipment have been very good year-to-date and we have momentum heading into the spring selling season," said Michael J. Hoffman, Toro's Chairman and Chief Executive Officer. "Looking beyond our existing business, our most recently announced acquisition of the Astec underground products presents substantial opportunities in adjacent markets. As always, now begins the challenge of successfully integrating the acquisition into the company's operations."
Toro makes lawn maintenance and irrigation equipment suited for residential and commercial use. The company has been in businesses since 1914.
Shares of The Toro Company (TTC) closed the week at $65.13 per share.
Earlier this week, Taser International, Inc. (TASR) reported its fourth-quarter earnings. The earnings report for the Scottsdale, Arizona-based manufacturer of stun guns contained mixed results.
For the quarter, Taser reported net sales of $21.3 million, a decrease of $1.6 million (or 7.0%) compared to the same period in 2010. The company noted that it had received significant sales that had not yet posted but which would be recognized in the next quarter.
For the full year, the company recorded total sales of $90.0 million, an increase of $3.1 million over the previous year. On an annual basis, Taser also saw its adjusted operating income nearly double from $5.6 million in 2010 to $11.5 million in 2011.
Taser's CEO, Rick Smith, stated, "Looking to 2012, we will continue to focus on cost and maintaining a flexible balance sheet that allows us to shift with market conditions and capture growth from the continued increasing demand we see for our products. Our pipeline of demand remains strong and we anticipate further penetration in the market for both our hardware and software service offerings."
The company repurchased $32.5 million of its common stock in 2011 representing approximately 7.5 million shares. The company has no debt on its balance sheet.
Trading for shares of Taser International Inc. (TASR) ended the week at $4.17.
Last week, OfficeMax Incorporated (OMX) reported its fourth-quarter and year-end financial results. The Naperville, Illinois office supply retailer reported mixed results.
OfficeMax saw total sales grow by 3.9%, to $1,836 million, in the fourth quarter. Despite solid growth in the fourth quarter, the company's annual sales suffered, decreasing 0.4% to $7.12 billion for the year.
OfficeMax's earnings per share saw similar mixed results. On a quarterly basis, the company's income grew to $0.17 per share (up from $0.16 in the same period last year). On an annual basis, however, the company saw a fairly significant decline in earnings. The company reported earnings per share of $0.61 for the year, compared to $0.89 in the previous year.
"We closed out a challenging 2011 by continuing to streamline our operations and strengthen the core business," said Ravi Saligram, President and CEO of OfficeMax. "We are making progress in executing the strategic plan we announced in November."
OfficeMax is a leader in business-to-business office products and has substantial retail operations. The company operates nearly 1,000 stores through its direct sales, catalog sales and box store operations.
OfficeMax Incorporated (OMX) closed the week trading at $6.04 per share.
The Dow started the week at 12,950 and closed at 12,983. The NASDAQ started the week at 2,952 and finished at 2,964.The S&P 500 started the week at 1,361 and ended at 1,366.
The company reported net earnings of $19.9 million or $0.65 per share. Net earnings were up $0.226 per share for the quarter.
The company also reported net sales of $423.8 million. This represents an increase from $383.2 million in the same period last year.
"Retail sales of our golf and landscape contractor equipment have been very good year-to-date and we have momentum heading into the spring selling season," said Michael J. Hoffman, Toro's Chairman and Chief Executive Officer. "Looking beyond our existing business, our most recently announced acquisition of the Astec underground products presents substantial opportunities in adjacent markets. As always, now begins the challenge of successfully integrating the acquisition into the company's operations."
Toro makes lawn maintenance and irrigation equipment suited for residential and commercial use. The company has been in businesses since 1914.
Shares of The Toro Company (TTC) closed the week at $65.13 per share.
Taser Stuns Investors with Latest Earnings Report
Earlier this week, Taser International, Inc. (TASR) reported its fourth-quarter earnings. The earnings report for the Scottsdale, Arizona-based manufacturer of stun guns contained mixed results.
For the quarter, Taser reported net sales of $21.3 million, a decrease of $1.6 million (or 7.0%) compared to the same period in 2010. The company noted that it had received significant sales that had not yet posted but which would be recognized in the next quarter.
For the full year, the company recorded total sales of $90.0 million, an increase of $3.1 million over the previous year. On an annual basis, Taser also saw its adjusted operating income nearly double from $5.6 million in 2010 to $11.5 million in 2011.
Taser's CEO, Rick Smith, stated, "Looking to 2012, we will continue to focus on cost and maintaining a flexible balance sheet that allows us to shift with market conditions and capture growth from the continued increasing demand we see for our products. Our pipeline of demand remains strong and we anticipate further penetration in the market for both our hardware and software service offerings."
The company repurchased $32.5 million of its common stock in 2011 representing approximately 7.5 million shares. The company has no debt on its balance sheet.
Trading for shares of Taser International Inc. (TASR) ended the week at $4.17.
OfficeMax Reports Quarterly and Annual Earnings
Last week, OfficeMax Incorporated (OMX) reported its fourth-quarter and year-end financial results. The Naperville, Illinois office supply retailer reported mixed results.
OfficeMax saw total sales grow by 3.9%, to $1,836 million, in the fourth quarter. Despite solid growth in the fourth quarter, the company's annual sales suffered, decreasing 0.4% to $7.12 billion for the year.
OfficeMax's earnings per share saw similar mixed results. On a quarterly basis, the company's income grew to $0.17 per share (up from $0.16 in the same period last year). On an annual basis, however, the company saw a fairly significant decline in earnings. The company reported earnings per share of $0.61 for the year, compared to $0.89 in the previous year.
"We closed out a challenging 2011 by continuing to streamline our operations and strengthen the core business," said Ravi Saligram, President and CEO of OfficeMax. "We are making progress in executing the strategic plan we announced in November."
OfficeMax is a leader in business-to-business office products and has substantial retail operations. The company operates nearly 1,000 stores through its direct sales, catalog sales and box store operations.
OfficeMax Incorporated (OMX) closed the week trading at $6.04 per share.
The Dow started the week at 12,950 and closed at 12,983. The NASDAQ started the week at 2,952 and finished at 2,964.The S&P 500 started the week at 1,361 and ended at 1,366.
Middle East Unrest Affecting Crude-Oil Futures
The price for April futures delivery of light, sweet crude-oil rose to nearly $109.00 per barrel during Friday trading. The price has risen more than 10% so far in the month of February.
Prices have risen considerably in the face of unrest in the Middle East, specifically over concerns that Iran may halt exports to Europe. Last month, the European Union announced a ban on the purchase of Iranian oil.
Noting that the futures market hinges on how the issue over Iranian exports play out, Tim Evans with Citi Futures Perspective advised clients, "We think crude oil has largely become a one-issue market. Either Iranian production is curtailed and prices spike further or the oil continues to flow and prices collapse."
At least one official with the International Monetary Fund has signaled agreement with Evans' assessment. The official stated that a halt in Iran's oil experts could cause futures prices to increase an additional 20 – 30%.
The 10-year Treasury note yield finished the week at 1.98% while the 30-year Treasury note yield finished the week at 3.10%.
Prices have risen considerably in the face of unrest in the Middle East, specifically over concerns that Iran may halt exports to Europe. Last month, the European Union announced a ban on the purchase of Iranian oil.
Noting that the futures market hinges on how the issue over Iranian exports play out, Tim Evans with Citi Futures Perspective advised clients, "We think crude oil has largely become a one-issue market. Either Iranian production is curtailed and prices spike further or the oil continues to flow and prices collapse."
At least one official with the International Monetary Fund has signaled agreement with Evans' assessment. The official stated that a halt in Iran's oil experts could cause futures prices to increase an additional 20 – 30%.
The 10-year Treasury note yield finished the week at 1.98% while the 30-year Treasury note yield finished the week at 3.10%.
After Weeks of Record Lows, Mortgage Rates on the Rise
With its latest release of the weekly Primary Mortgage Market Survey (PMMS), Freddie Mac announced that mortgage rates have come off three weeks of record lows. Mortgage rates increased for the first time in nearly a month.
The 30-year FRM averaged 3.95% for the week, up from an average of 3.87% over the past few weeks. Last year at this time, the average 30-year mortgage was 4.95%
The 15-year FRM averaged 3.19% this week, up slightly from the rate of 3.16% average last week. During the same period last year, the average FRM rate was 4.22%
"New data releases this week suggest the housing market is continuing to gradually improve," said Frank Nothaft, Vice President and Chief Economist of Freddie Mac. Nothaft noted that seriously delinquent mortgages (those that were 90 or more days past due plus foreclosure inventory) had fallen to their lowest level since the start of 2009 (5.3% in the final quarter of 2011). Additionally, Nothaft stated, "The Census Bureau reported new residential construction starts in January outpaced the market consensus forecast, led by condominiums and apartment buildings, and December's figures had upward revisions."
The money market fund finished this week at 0.50%. The 1-year CD finished at 0.60%.
The 30-year FRM averaged 3.95% for the week, up from an average of 3.87% over the past few weeks. Last year at this time, the average 30-year mortgage was 4.95%
The 15-year FRM averaged 3.19% this week, up slightly from the rate of 3.16% average last week. During the same period last year, the average FRM rate was 4.22%
"New data releases this week suggest the housing market is continuing to gradually improve," said Frank Nothaft, Vice President and Chief Economist of Freddie Mac. Nothaft noted that seriously delinquent mortgages (those that were 90 or more days past due plus foreclosure inventory) had fallen to their lowest level since the start of 2009 (5.3% in the final quarter of 2011). Additionally, Nothaft stated, "The Census Bureau reported new residential construction starts in January outpaced the market consensus forecast, led by condominiums and apartment buildings, and December's figures had upward revisions."
The money market fund finished this week at 0.50%. The 1-year CD finished at 0.60%.
Published February 24, 2012
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