You are given a text that consists of multiple sentences. Your task is to perform abstractive summarization on this text. Use your understanding of the content to express the main ideas and crucial details in a shorter, coherent, and natural sounding text. 
Text: During the past year, Nick has helped advance our Investor Relations focus including adding Olga to the team.
I've enjoyed working with Nick and I look forward to continuing to enhance our external communications under Julie's leadership.
We reported very strong results for the first quarter of fiscal 2021 with continued momentum across our professional and residential businesses.
Double-digit growth in this dynamic environment is a testament to our focus on innovation, operational execution, and the perseverance of our team and channel partners.
To share highlights of the quarter, net sales were up 14% year-over-year and up 11% organically.
Professional segment net sales were up 9%, a continuation of the growth trend for this segment.
Higher shipments of landscape contractor zero-turn riding mowers led the growth along with incremental sales from Venture Products.
Residential segment net sales were up 31%, setting another record.
We saw broad-based demand across our segment with snow equipment driving significant growth due to favorable weather and enhanced mass retail placement.
Momentum also continued for our all-season Flex-Force 60-volt lithium ion products and demand remained strong for walk power mowers.
The introduction of our innovative new products coupled with effective marketing and expanded mass retail channels has further strengthened our brand during this recent period of heightened residential growth.
From a segment earnings perspective, Professional segment grew 14% and Residential increased 49%.
We generated strong free cash flow in the quarter, which allowed us to pay down $90 million in debt and resume share repurchases.
We also continued to make investments in key technology areas like alternative power, smart connected and autonomous to drive sustained long-term growth.
Notably, we recently acquired TURFLYNX and Left Hand Robotics, both of which are technology accelerators.
Finally, we believe the critical path forward and emerging from the pandemic involves worldwide vaccinations.
We have developed specific plans for each of our sites to take full advantage of vaccination opportunities.
In addition, we launched our new [Indecipherable] campaign to provide education and encourage employees to get vaccinated against COVID-19 as soon as they are able.
As we prepare for the broader distribution of vaccines, our team has remained diligent in navigating the continued pandemic environment.
They're keeping health and safety in the forefront while meeting surging demand from our retailers and end customers.
Three underlying elements stand out this quarter as we delivered favorable results in a dynamic environment.
The first is the strength of our Residential segment.
Coming off a record setting year, the team delivered another record quarter.
These results were driven by expanded distribution and new products complemented by stay-at-home trends and favorable weather.
The second element is the productivity story in our business.
We continue to drive productivity and synergy benefits enterprisewide.
This has helped to mitigate factors such as inflation and COVID-related manufacturing inefficiencies.
The third element is our unwavering commitment to innovation.
The success of new products across our businesses in the first quarter highlights the strong return on innovation investments.
For example, battery-powered products now represent a growing and important part of our business.
This commitment to innovation reflects our dedication to constantly provide new solutions for customers' ever evolving needs regardless of the market environments or macro economy.
Our enterprise strategic priorities of accelerating profitable growth, driving productivity and operational excellence, and empowering people productivity and operational excellence, and empowering people guided our strong execution in the quarter.
I'm optimistic about our momentum as we head further into 2021 given our continued investments in technology and new products, excellent relationships with our channel partners, strong financial position, and effective operational and capital deployment capabilities.
We reported a very strong first quarter as our professional businesses continue to recover in a meaningful way and we continued to capitalize on robust residential demand.
We grew net sales by 13.7% to $873 million.
Reported earnings per share was $1.02 and adjusted earnings per share was $0.85 per diluted share.
This compares with reported earnings per share of $0.65 and adjusted earnings per share of $0.64 for the comparable quarter last year.
Now to the segment results, Professional segment net sales for the quarter were up 9.3% to $650.2 million.
This increase was primarily due to higher shipments of landscape contractor zero-turn riding mowers and incremental sales from the Venture Products acquisition, partially offset by decreased sales of underground construction equipment to oil-and-gas markets and the timing of international shipments of golf and grounds equipment.
Professional segment earnings for the quarter were up 14% to $116.8 million.
When expressed as a percent of net sales, segment earnings increased 80 basis points to 18%.
This increase was primarily due to sales volume leverage, productivity, synergy initiatives and net price realization, partially offset by manufacturing cost pressures and product mix.
Residential segment net sales for the quarter were up 31.3% to $217.7 million.
The increase was primarily due to strong retail demand for snow products driven by favorable weather and expanded mass retail placement, Flex-Force battery-powered products and shipments of walk power mowers ahead of the key selling season.
Residential segment earnings for the quarter were up 48.9% to a record $32.1 million.
This reflects a 170 basis point year-over-year increase to 14.7% when expressed as a percent of net sales.
The same drivers that offsets that effective Professional segment earnings also affected Residential segment earnings.
Turning to our operating results.
We reported gross margin for the quarter of 36.1%, a decrease of 140 basis points from the prior year.
Adjusted gross margin was also 36.1%, down to 150 basis points.
The decreases in gross margin and adjusted gross margin were primarily due to manufacturing costs pressures and product mix partially offset by productivity, synergy initiatives and net price realization.
SG&A expense as a percent of net sales decreased 570 basis points to 19.9% for the quarter.
This decrease was primarily due to sales volume leverage, a favorable onetime legal settlement and lower indirect marketing expenses.
Operating earnings as a percent of net sales for the quarter increased 430 basis points to 16.2%.
Adjusted operating earnings as a percent of net sales increased 210 basis points to 14.2%.
Interest expense of $7.5 million was down approximately $600,000 compared with a year ago, driven by lower interest rates.
The reported effective tax rate was 18.1% for the first quarter and adjusted effective tax rate was 21.5%.
Turning to the balance sheet and cash flow, at the end of the quarter, our liquidity was just over $1 billion.
This included cash and cash equivalents of $433 million and full availability under our $600 million revolving credit facility.
We have no significant debt maturities until April of 2022.
Accounts receivable totaled $306.9 million, down 4.5% from a year ago due to channel mix and the timing of other and receivables.
Inventory was down 8.6% from a year ago to $675.3 million.
This decrease was due to lower inventory in certain Professional segment businesses, as well as the result of increased demand for our products.
Accounts payable increased 4.7% to $364.4 million from a year ago.
This was due to increased purchases of component inventories, as well as incremental payables from the Venture Products acquisition.
First quarter free cash flow was $84.5 million with a reported net earnings conversion ratio of 76%.
This positive performance was primarily the result of higher earnings, the favorable onetime legal settlement, and lower working capital mainly due to reduced inventories as compared with the first quarter of last year.
Our disciplined capital allocation strategy includes investing in organic and M&A growth opportunities, maintaining an effective capital structure, and returning cash to shareholders.
Our capital priorities remain the same and include reinvesting in our businesses to support sustainable long-term growth both organically and through acquisitions, returning cash to shareholders through dividends and share repurchases, and repaying debt to maintain our leverage goals.
During the first quarter we paid down $90 million in debt and returned $59.8 million to shareholders, $28.7 million in regular dividends and $31.4 million in share repurchases.
We are reaffirming our full year fiscal 2021 guidance.
Additionally, we are actively managing a dynamic supply chain and cost inflation environment.
I'll share the guidance highlights and Rick cover the macro trends and key factors we'll be watching throughout the remainder of the year.
For fiscal 2021 we continue to expect net sales growth in the range of 6% to 8%.
This includes four months of incremental sales from the Venture Products acquisition.
We expect continued recovery in Professional segment end markets.
The strongest growth in the Professional segment will be in the second quarter and third quarters as well as comparable periods last year were most impacted by the pandemic.
We expect full year Residential segment net sales growth to be in the low to mid-single-digits, following an exceptionally strong fiscal 2020 and first quarter 2021.
We anticipate strong retail demand to continue throughout the year.
Given the comparisons of record setting performance last year, and potential supply chain constraints, we expect year-over-year Residential segment net sales growth to moderate for the remainder of the year.
Looking at overall profitability, we expect moderate improvement in fiscal 2021, adjusted operating earnings as a percent of net sales compared with fiscal 2020.
This assumes continued productivity and synergy benefits, net price realization and lower COVID-related manufacturing inefficiencies, partially offset by potential supply chain constraints and an expected inflationary environment.
In the Professional segment, we expect earnings as a percent of net sales to improve versus fiscal 2020, due to better volume leverage.
In the Residential segment, we expect earnings as a percent of net sales to be similar to fiscal 2020.
We expect full year adjusted earnings per share in the range of $3.35 to $3.45 per diluted share.
This estimate includes the effects of recently announced acquisitions.
It excludes the benefit of the excess tax deduction for share-based compensation and the favorable onetime legal settlement.
Based on current visibility, we anticipate adjusted earnings per share to be higher in the first half of fiscal 2021 versus the prior-year period.
For the second half of fiscal 2021, we expect adjusted earnings per share to be comparable with the same period of fiscal 2020.
Looking to the rest of the year, we're excited about the robust near-term demand environment as we continue to execute on our long-term strategic priorities and invest in innovation to capitalize on future growth opportunities.
Looking ahead, we'll be watching several macro trends to provide us with additional insights into the remainder of the year.
These include the ongoing effects of COVID-19 including its impact on manufacturing efficiencies and potential global supply chain disruptions, weather patterns, including the timing of spring in northern climates, and global economic recovery factors driving general consumer and business confidence, as well as the related commodity and inflationary effects.
From an end market perspective, demand trends are positive and we're well-positioned for further growth.
Recent strong retail demand has reduced field inventory and many of our channel partners are seeking to replenish given the improved outlook.
We're watching a number of key market drivers for our residential and certain professional businesses continuing customer interest in home investments for landscape contractors, improved business confidence leading to the resumption of capital investments, along with catch-up purchases of prior deferrals.
For golf, a strong start to the season in northern markets, an increase in international course reopenings and the expected return of travel and resort golf all leading to another great year for leading to another great year for rounds played.
For grounds equipment, increased spending on outdoor space maintenance and improvement projects by municipal and other tax-supported entities.
For Underground, increased funding for 5G and broadband build-out and critical-need infrastructure rehab and replacement.
For rental and specialty construction, continued upgrades and replacement of fleets by independent rental companies and national accounts.
And for snow and ice management, channel response to lower end-of-season inventory levels as a result of recent snow events.
We continue to be excited about our innovative suite of products that are well-positioned to capitalize on these market opportunities, and these products directly address customer trends.
For the focus on home improvement, a complete line of residential products from walk and Z mowers to irrigation and lighting solutions including the zero-emission all-season Flex-Force 60-volt lithium-ion suite of products; additionally, our professional line of maintenance and renovation products.
For the growing interest in professional battery electric solutions, the Greensmaster eTriFlex and hybrid riding Greensmowers; the Toro e-Dingo compact utility loader and the expanding line of lithium-ion workman GTX utility vehicles.
For increased productivity solutions, the Toro Dingo TXL 2000 and Ditch Witch SK 3000 stand on skid steers; Toro Exmark and Ventrac high-capacity mowers, a new line of Ditch Witch horizontal directional drills, the BOSS DRAG PRO rear-mounted truck plow and BOSS and Ventrac sidewalk snow and ice management equipment.
It's because of our deep commitment to innovation, strong customer relationships, exceptional sales and service through our channel partners and stellar product lineup that we are seeing significant momentum across our businesses with world-class partners.
Two exciting examples in golf are our new partnerships with PGA Frisco and Pebble Beach Resorts.
We're honored that every 2021 major championship tournament will be played on a course serviced by Toro-branded turf equipment.
And we are the official Ryder Cup turf equipment and irrigation provider for the remainder of the decade.
In closing, we are optimistic as we head into our peak selling season.
While the environment remains dynamic as we manage through COVID-related manufacturing and supply chain challenges, we have a number of factors working in our favor, a diverse portfolio of businesses and strong customer relationships, productivity initiatives to drive increased profitability and operational excellence, continued investments in innovative products and emerging technologies, and as always our team is the key to the Toro Company's continued success.

user
compname reports q1 earnings per share $1.02.
q1 adjusted earnings per share $0.85.
q1 earnings per share $1.02.
q1 sales $873 million versus refinitiv ibes estimate of $848.9 million.
sees fy sales up 6 to 8 percent.
sees fy fiscal 2021 adjusted earnings per share in range of $3.35 to $3.45 per diluted share.

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