Loading...
•
Feb 02, 2024
Toro Q1 2024 Earnings Report
The Toro Company's Q1 2024 results reflected continued strength in demand across construction, and golf and grounds markets, offset by lower shipments of zero-turn mowers and snow products.
Key Takeaways
The Toro Company reported first-quarter net sales of $1.00 billion and diluted EPS of $0.62. The company reaffirms full-year fiscal 2024 guidance, expecting low-single-digit total company net sales growth and adjusted diluted EPS in the range of $4.25 to $4.35.
Net sales were $1.00 billion, a decrease of 13% compared to the same period in fiscal 2023.
Reported diluted EPS was $0.62, compared to $1.01 in the same period of fiscal 2023.
Adjusted diluted EPS was $0.64, compared to $0.98 in the same period of fiscal 2023.
The company continues to expect low-single-digit total company net sales growth and adjusted diluted EPS in the range of $4.25 to $4.35 for fiscal year 2024.
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 2024, the company continues to expect low-single-digit total company net sales growth and adjusted diluted EPS in the range of $4.25 to $4.35.
Positive Outlook
- Continued strong demand and more stable supply for businesses with elevated order backlog
- Homeowner markets will begin stabilizing this spring
- Incremental growth from expanded mass retailer channel will help offset dynamic
- Sustained demand in underground and specialty construction, and golf and grounds businesses.
- Prioritizing investments in advanced technologies and solutions that we expect will drive long-term profitable growth and value for all stakeholders
Challenges Ahead
- Continuation of macro factors that have driven increased consumer and channel caution
- Manufacturing inefficiencies as production and inventory levels continue to be adjusted to market conditions
- Below-average snowfall activity year-to-date
- Assumes weather patterns aligned with historical averages for the remainder of the year
- Includes the expected incremental impact of an expanded residential segment mass channel
Revenue & Expenses
Visualization of income flow from segment revenue to net income