Toro Q2 2021 Earnings Report
Key Takeaways
The Toro Company reported record results for the second quarter of fiscal 2021, with net sales up 23.6% year over year to $1.15 billion. Reported EPS was $1.31, and adjusted EPS was $1.29, a 40.2% increase year over year. The company raised its full-year fiscal 2021 net sales and adjusted EPS guidance.
Second-quarter net sales increased by 23.6% year over year, reaching $1.15 billion.
Professional segment net sales grew by 25.3%, while Residential segment net sales increased by 20.2%.
Reported diluted EPS was $1.31, with an adjusted diluted EPS of $1.29, marking a 40.2% year-over-year increase.
The company raised its full-year fiscal 2021 net sales and adjusted diluted EPS guidance.
Toro
Toro
Toro Revenue by Segment
Toro Revenue by Geographic Location
Forward Guidance
The company is raising its full-year fiscal 2021 guidance, and now expects total net sales growth in the range of 12.0% to 15.0% and adjusted EPS in the range of $3.45 to $3.55 per diluted share.
Positive Outlook
- Positive demand trends across businesses
- Enthusiastic customer response to innovative new product offerings
- Benefits from productivity and synergy initiatives
Challenges Ahead
- Escalation of supply chain pressures
- Inflationary pressure
- Anticipate the impact of this pressure to be most pronounced in the third quarter, before mitigating actions can be more fully realized.
Revenue & Expenses
Visualization of income flow from segment revenue to net income