Aug. 22, 2013, 11:23 AM
- 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.
May 23, 2013, 3:16 PMToro (TTC +3.7%) moves up today after posting a better than expected FQ2. Net earnings rose 14% Y/Y on sales strength in its professional segment, which helped offset a 13% decline in residential sales. The company says that although it backs current earnings guidance, it's lowering revenue growth expectations to between 3% and 4%, compared with its February forecast of a 5% revenue increase. Gross margin improved to 35.8% from 34%. | Comment!
Dec. 5, 2012, 12:51 PMShares of Toro (TTC -3%) slide after its FQ4 top line result missed estimates this morning. Net earnings dropped 95% as weather conditions hurt the grounds-care equipment maker's sales. The company also lowered guidance for FY13, citing challenges in Europe. It now expects revenue growth to be about 4% to 5%. Earnings are anticipated to be $2.35 - $2.40 per share, below Street estimates of $2.44. | Comment!
Aug. 23, 2012, 8:35 AM
Aug. 20, 2012, 3:59 PMToro (TTC -4.7%) shares are downgraded by Raymond James ahead of Thursday's FQ3 report: "Recent results from competitors/suppliers have been hurt by the late-season drought, and while we believe Toro will post better relative results, we do not believe its business will be totally unscathed... now is a good time to take profits." | Comment!
May 24, 2012, 3:09 PMToro (TTC +7.5%) pops on a strong FQ2 report earlier today. Net earnings rose 14% Y/Y as unseasonably warm weather and an accelerated Spring helped boost sales of grounds-care equipment. The company also raises its FY12 forecast, now expecting an EPS of approximately $4.30, in the lower end of its previously announced guidance range of $4.30 - $4.35, but still better than Street estimates of $4.29. The company also expects revenue growth of 7% - 8% Y/Y. | Comment!
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Toro Co is engaged in designs, manufactures, and markets professional turf maintenance equipment and services, turf irrigation systems, landscaping equipment, and residential yard and snow removal products.
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