Toro Q3 profit drops 48% on weak pro sales

Toro Co. has reported that profit for the third quarter fell 48% to $19.8 million, compared with $38.2 million in the same quarter last year. The manufacturer of lawnmowers, snowblowers and golf maintenance equipment posted earnings of 54 cents per share, which exceeded analysts' expectations by 5 cents. Net sales rose 1.2% in the residential segment but dropped 27% for the professional segment.

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