BLOOMINGTON, Minn.--(BUSINESS WIRE)--The Toro Company (NYSE: TTC) today announced that its board of directors has declared a quarterly cash dividend of $0.14 per share, an increase from the previous quarterly dividend rate of $0.11 per share. This dividend is payable on December 31, 2012, to shareholders of record on December 21, 2012. This accelerated quarterly dividend replaces the dividend that would have been payable in January 2013.
Additionally, the board authorized the repurchase of an additional 5 million shares of common stock in the open market or in privately negotiated transactions.
About The Toro Company
The Toro Company (NYSE: TTC) is a leading worldwide provider of innovative turf, landscape, rental and construction equipment, and irrigation and outdoor lighting solutions. With sales of more than $1.9 billion in fiscal 2012, Toro’s global presence extends to more than 90 countries through strong relationships built on integrity and trust, constant innovation, and a commitment to helping customers enrich the beauty, productivity and sustainability of the land. Since 1914, the company has built a tradition of excellence around a number of strong brands to help customers care for golf courses, sports fields, public green spaces, commercial and residential properties, and agricultural fields. More information is available at www.toro.com.