Categories Earnings, Industrials

Toro Q1 profit soars 163%, beats estimates

Landscaping, maintenance and irrigation equipment maker The Toro Co. (TTC) reported a 163% jump in earnings for the first quarter helped by strong performance across landscape contractor, golf, grounds, as well as snow and ice management businesses. The results exceeded analysts’ expectations. However, the company guided second-quarter earnings below the consensus view.

Net income soared 163% to $59.5 million and earnings jumped 161.9% to $0.55 per share. Adjusted earnings rose 6.3% to $0.51 per share.

Net sales were $603 million, up 10% from the previous year quarter. The strength of new products across the portfolio drove positive performance for the quarter.

Picture Courtesy: Toro

Professional segment sales grew 12.7%, led by strength in landscape contractor sales, increased golf and grounds channel demand, and positive momentum in its Boss business. Residential segment net sales rose 1.9% as higher snowfall totals across the Midwest and solid sales of walk power mowers drove higher demand for snow throwers.

Looking ahead into the second quarter, the company expects adjusted earnings to be about $1.15 to $1.20 per share, which includes an estimated $0.07 for the impact of acquisition-related expenses and share repurchase curtailment. This assumes the acquisition of Charles Machine Works closes in the third quarter.

Deere swings to profit in Q1, but misses estimates

This results in an adjusted EPS estimate of $1.66 to $1.71 for the first six months, which equates to the operational performance of $1.76 to $1.81, excluding acquisition-related impacts. The company expects to update its guidance at, or after, the closing of the acquisition.

Shares of Toro ended Wednesday’s regular session up 0.93% at $64.11 on the NYSE. The stock has risen over 3% in the past year and over 6% in the past three months.


Browse through our earnings calendar and get all scheduled earnings announcements, analyst/investor conference and much more!

Most Popular

Everything you need to know about Broadcom’s Q2 2023 earnings report

Broadcom, Inc. (NASDAQ: AVGO) on Thursday said its second-quarter 2023 earnings and revenues increased year-over-year. The chipmaker also provided guidance for the third quarter. Earnings, excluding non-recurring items, came in

HP’s (HPQ) near-term prospects look bleak as PC slump continues

Weak consumer spending and economic uncertainties are the new challenges facing the PC market which is struggling to recover from a long-drawn slowdown. HP, Inc. (NYSE: HPQ) reported a sharp

Hormel Foods (HRL): Key takeaways from the Q2 2023 earnings report

Shares of Hormel Foods Corporation (NYSE: HRL) were up over 4% on Thursday, following the company’s announcement of its second quarter 2023 earnings results. Sales fell short of estimates while

Add Comment
Viewing Highlight