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Thursday, Aug 22
Toro gains on a solid FQ3 earnings beat
- Toro (TTC +4.8%) gains on a solid FQ3 beat, as strong sales in its residential unit offset declines in its professional products. Results were strengthened by a solid summer growing season, with favorable temperatures and precipitation levels as compared to last year's severe drought conditions.
- Looking forward, the company says that momentum from productivity efforts and favorable commodity trends should drive additional earnings gains.
- It's raising revenue growth expectations for FY13, now expecting around 4% growth and net earnings to be about 2.55 per share, a 19% increase over FY12 and above the Street view of $2.40.