Toro Q1 2024 Earnings Report
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
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