Toro Q1 earnings drop by 64%

02/19/2009 | American City Business Journals

The Toro Co. reported earnings for the first quarter of $6.7 million, a 64% drop from earnings of $18.6 million for the same quarter last year. Last week, Toro announced plans to lay off 100 employees and reduce salaries by 10% for some officers. "We are operating in an extremely challenging business environment with revenue uncertainties, as well as overall currency and commodity pressures," said Michael Hoffman, chairman and chief executive officer.

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