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The Toro Company (NYSE:TTC) shares are trading lower after the company reported third-quarter results.
Sales increased 6.9% Y/Y to $1.156 billion, missing the consensus of $1.259 billion. Professional $880.9 million (-1.7% Y/Y), and Residential $267.5 million (+52.6% Y/Y).
Adjusted EPS of $1.18 (+24.2% Y/Y) missed the consensus of $1.22.
Adjusted gross margin expanded to 35.4% from 34.4% a year ago, led by productivity improvements and net price realization.
Adjusted operating margin for the third quarter was 13.7%, up from 12.2% in the same period last year. As of August 2, cash and equivalents stood at $221.1 million.
Richard M. Olson, chairman and chief executive officer, said, “In both segments, we saw increased caution from homeowners and lawn care dealers as summer progressed due to macro factors, which resulted in lower-than-expected shipments of residential and professional lawn care products to our dealer channel.”
FY24 Outlook: Toro now expects company net sales growth of about 1% (prior view: low single-digit growth) and adjusted EPS of $4.15 – $4.20 (prior: $4.25 – $4.35) vs. consensus of $4.30.
Olson added, “We are already realizing benefits from our multi-year productivity initiative named AMP, and we expect these benefits to accelerate during the next two years. We remain on track to deliver at least $100 million in annualized run rate savings by fiscal 2027.“
“We are extremely well positioned in attractive end markets, and look ahead with optimism to fiscal 2025 and beyond,” added Olson.
Investors can gain exposure to the stock via Invesco Water Resources ETF (NASDAQ:PHO) and Neuberger Berman ETF Trust Neuberger Berman Small-Mid Cap ETF (NYSE:NBSM).
Price Action: TTC shares are down 12.6% at $79.51 premarket at the last check Thursday.
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Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
