The Toro Company experienced a significant increase in net sales during the first quarter of fiscal 2023, compared to the same period in the previous year. The net sales for the quarter were $1,148.8 million, a 23.2% increase year-over-year, with the professional segment contributing the most to this increase. The professional segment net sales were $880.7 million, showing a 30.9% increase year-on-year. The residential segment net sales were $264.6 million, showing a 3.6% increase year-on-year.
Furthermore, the acquisition of Intimidator Group in fiscal 2022, increased the manufacturing footprint and expanded the dealer network of the company. The acquisition broadened its professional reportable segment and had a positive contribution to its net sales. The company continues to focus on sustainable practices, and this is manifested in its strategic priorities of sustainable power, smart connected and autonomous solutions, and ESG (Environmental, Social, and Governance) priorities.
The company's net earnings for the first quarter of fiscal 2023 were $106.9 million, or $1.01 per diluted share compared to $69.5 million or $0.66 per diluted share, for the first quarter of fiscal 2022. Adjusted net earnings for the first quarter of fiscal 2023 were $103.6 million or $0.98 per diluted share compared to $69.7 million or $0.66 per diluted share, for the first quarter of fiscal 2022.
In the Professional segment, the company expects to benefit from the higher demand for golf courses, professional landscapers, and sports fields. Its focus on developing innovative and sustainable products will set it apart in this industry. The Residential segment is also likely to benefit from the increased demand for outdoor maintenance caused by the pandemic, with home improvement and gardening needs staying high.
The company has identified inflation in raw materials and logistics, as well as supply chain disruptions, as potential risks going forward. These risks could impact production, costs, and earnings in the future. The company also expects to face increased competition in the markets it operates, which could affect its market share and profitability.
The company's strategic priorities remain focused on sustainability, technology, and growth, and it continues to invest in R&D and other strategic initiatives to support these priorities. With its well-built reputation and established dealer network, Toro Co. positions itself well for sustained growth and profitability.