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Apr 30, 2021
Toro Q2 2021 Earnings Report
Reported strong second-quarter fiscal 2021 results, driven by broad-based demand and operational execution, leading to record results for both segments.
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
Revenue by Segment
Professional Revenue
CapyFin.comResidential Revenue
CapyFin.comOther Revenue
CapyFin.comRevenue by Geographic Location
International Revenue
CapyFin.com 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