Toro Q1 2022 Earnings Report
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
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