We achieved 6.8% top-line net sales growth for the quarter over a strong first quarter comparison last year.
It offers 2,000 pounds of towing capacity, 25% more cargo capacity than the competition, and leverages our broad product offerings with an integrated BOSS snowplow amount.
We grew overall consolidated net sales to $932.7 million, an increase of 6.8% compared to the first quarter of last year.
Reported and adjusted earnings per share were about $0.66 per diluted share, down from $1.02 and $0.85, respectively in the first quarter a year ago.
Professional segment net sales for the quarter were up 3.5% to $672.9 million.
Professional segment earnings for the first quarter were $93.3 million and one expressed as a percent of net sales 13.9%.
This was down from 18% in the first quarter last year.
Residential segment net sales for the first quarter were $255.4 million, up 17.3% over last year.
Residential segment earnings for the quarter were $31.8 million, and when expressed as a percent of net sales 12.4%.
This was down from 14.7% in the first quarter last year.
We reported a gross margin of 32.2% for the quarter, compared to 36.1% in the same period last year.
SG&A expense as a percent of net sales for the quarter was 22.4%, compared to 19.9% in the same period last year.
Operating earnings as a percent of net sales for the first quarter were 9.8%, compared to 16.2% in the same period last year.
Adjusted operating earnings as a percent of net sales for the quarter were 9.9%, compared to 14.2% in the same period a year ago.
Interest expense for the quarter was $7 million down slightly from the same period last year.
The reported adjusted effective tax rates for the first quarter were 20.2% and 20.9%, respectively, compared to 18.1% and 21.5% in the same period a year ago.
Accounts receivable were $366 million, up 19% from a year ago, primarily driven by higher sales and customer mix.
Inventory was $832 million, up 23% compared to last year.
Accounts payable increased 30% from last year to $474 million.
Free cash flow in the quarter was a $102 million use of cash.
These priorities are highlighted by our actions including our plan to deploy $150 million to $175 million in capital expenditures this year to fund capacity, productivity, and new product investments.
In our acquisition of Intimidator Group in January, our return of $106 million to shareholders this quarter was 75 million in share repurchases and 31 million in regular dividends.
Our gross leverage to EBITDA target remains the same in the range of 1 to 2 times.
We now expect net sales growth in the range of 12% to 14%, which reflects the partial year addition of the Intimidator Group, pro-rata over the remaining three quarters.
Along with the continued expectation for 8% to 10% growth for the remainder of our business.
The acquired business is reported under the professional segment, and as a result, we expect professional net sales growth at the upper end of the 12% to 14% range for the full year.
In light of the recent geopolitical events, we are holding our full year-adjusted diluted earnings per share guidance in the range of $3.90 to $4.10.
Additionally, for the full year with the acquisition included, we now expect interest expense to be about $35 million.
Depreciation and amortization to be about $120 million and free cash flow conversion in the range of 80% to 90% of reported net earnings.
We continue to estimate an adjusted effective tax rate of about 21%.
As we head into the remainder of fiscal 2022 demand remains strong across the markets we serve, the ongoing replacement cycles for our products provide a steady foundation and we are keeping an eye on the following areas, consumer and business confidence, together with inflation, geopolitical developments, and COVID-19 variants, customer prioritization of investments to maintain and improve outdoor environments, regulations, on reduced emissions, and customer preference for sustainable products, the continuation of strong momentum in golf markets and government support and funding of infrastructure projects, including the $1 trillion US infrastructure legislation.
In the Us golf rounds played were up 5.5% in 2021.
On top of a 13.9% increase in 2020.
Not far from the golf show was Super Bowl 56 SoFi Stadium in Inglewood, California.

Summary:
We grew overall consolidated net sales to $932.7 million, an increase of 6.8% compared to the first quarter of last year.
Reported and adjusted earnings per share were about $0.66 per diluted share, down from $1.02 and $0.85, respectively in the first quarter a year ago.
We now expect net sales growth in the range of 12% to 14%, which reflects the partial year addition of the Intimidator Group, pro-rata over the remaining three quarters.
The acquired business is reported under the professional segment, and as a result, we expect professional net sales growth at the upper end of the 12% to 14% range for the full year.
In light of the recent geopolitical events, we are holding our full year-adjusted diluted earnings per share guidance in the range of $3.90 to $4.10.