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Jan 28, 2022
Toro Q1 2022 Earnings Report
Reported solid financial results for the quarter and continued to advance strategic initiatives.
Key Takeaways
The Toro Company reported a 6.8% increase in net sales to $932.7 million for the first quarter of fiscal 2022. Adjusted EPS remained at $0.66, while the company is raising its full-year fiscal 2022 net sales guidance to incorporate the Intimidator Group acquisition, and now expects total net sales growth in the range of 12% to 14%.
First-quarter net sales up 6.8% compared to the same prior year period, to $932.7 million; Professional segment net sales up 3.5%, Residential segment net sales up 17.3%
First-quarter reported and *adjusted diluted EPS of $0.66
Gross margin results improved sequentially from the fourth quarter of fiscal 2021, driven by increased net price realization and enhanced operational performance; comparisons to the same prior-year period were affected by increased inflationary pressures and product availability constraints
Acquisition of the Intimidator Group added the complementary Spartan line of professional zero-turn mowers.
Toro
Toro
Toro Revenue by Segment
Toro Revenue by Geographic Location
Revenue by Segment
Professional Revenue
CapyFin.comResidential Revenue
CapyFin.comRevenue by Geographic Location
International Revenue
CapyFin.com Forward Guidance
The company is raising its full-year fiscal 2022 net sales guidance to incorporate the Intimidator Group acquisition, and now expects total net sales growth in the range of 12% to 14%. In light of the current geopolitical environment, the company is holding its *adjusted EPS guidance in the range of $3.90 to $4.10 per diluted share.
Positive Outlook
- raising its full-year fiscal 2022 net sales guidance to incorporate the Intimidator Group acquisition
- expects total net sales growth in the range of 12% to 14%
- This guidance is based on current visibility
- reflects expectations for continued strong demand
- increasing net price realization
Challenges Ahead
- the recent geopolitical events may create additional challenges
- holding its *adjusted EPS guidance in the range of $3.90 to $4.10 per diluted share
- supply chain constraints
- inflationary pressures continued
- While we are seeing improvements in our manufacturing performance, as well as positive indicators in our supply chain, we acknowledge that the recent geopolitical events may create additional challenges.
Revenue & Expenses
Visualization of income flow from segment revenue to net income