With hardly a matador in sight, Toro shares have nearly tripled over the past three years, and the fundamentals don't seem to be calling an end to the bull-run. This morning, the company reported $3.12 per share in earnings on $1.5 billion in net sales for fiscal 2003. It also issued guidance for the new year, calling for 10% to 12% in bottom-line gains on 7% to 9% growth in sales.
That the fiscal 2004 figures assume margin expansion is particularly impressive when one considers that it's stacked on top of this latest year's generous 5.5% net margins. That might not be the double-digit margins one associates with growth stocks, but it's awfully sweet among Toro's peers.
For example, Deere's
If nothing else, the past few years of growth at Lowe's
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