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Feb 03, 2023
Toro Q1 2023 Earnings Report
Achieved record results for the first quarter of fiscal 2023, driven by strong professional segment performance and improved profitability.
Key Takeaways
The Toro Company reported record first-quarter net sales of $1.15 billion, a 23% increase year over year. Reported diluted EPS was $1.01, up 53% year over year, and adjusted diluted EPS was $0.98, up 49% year over year. The company reaffirms full-year fiscal 2023 net sales and adjusted diluted EPS guidance.
Record first-quarter net sales of $1.15 billion, up 23% year over year
First-quarter reported diluted EPS of $1.01, up 53% year over year
Record first-quarter *adjusted diluted EPS of $0.98, up 49% year over year
Reaffirms full-year fiscal 2023 net sales and *adjusted diluted EPS guidance
Toro
Toro
Toro Revenue by Segment
Toro Revenue by Geographic Location
Revenue by Segment
Professional Revenue
CapyFin.comResidential Revenue
CapyFin.comOther Revenue
CapyFin.comRevenue by Geographic Location
International Revenue
CapyFin.com Forward Guidance
For fiscal 2023, management continues to expect net sales growth in the range of 7% to 10% and *adjusted diluted EPS in the range of $4.70 to $4.90.
Positive Outlook
- Exceptional demand and substantial order backlog for products in key professional end markets
- Expected benefits from pricing and productivity initiatives
- Anticipate continued improvements in the supply chain
- Operational execution, position us to increase product availability and enhance profitability
- Benefit from our innovative product lineup, extensive service and support networks, and well-established market leadership
Challenges Ahead
- Current macroeconomic environment
- Guidance assumes steady supply chain improvement throughout the year
- Guidance assumes a return to a more typical distribution of quarterly sales.
- Impact of laws, regulations and standards, consumer product safety, accounting, taxation, trade, tariffs and/or antidumping and countervailing duties petitions, healthcare, and environmental, health and safety matters
- The company’s adjusted diluted EPS guidance for fiscal 2023 excludes certain items that are inherently uncertain and difficult to predict
Revenue & Expenses
Visualization of income flow from segment revenue to net income