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Oct 31, 2023
Toro Q4 2023 Earnings Report
Reported fourth-quarter and full-year fiscal 2023 financial results, driven by strength in the professional segment.
Key Takeaways
The Toro Company reported a decrease in fourth-quarter net sales to $0.98 billion, compared to $1.17 billion in the same period of fiscal 2022. Reported diluted EPS decreased to $0.67, and adjusted diluted EPS decreased to $0.71, compared to $1.12 reported diluted EPS and $1.11 adjusted diluted EPS in the same period of fiscal 2022. The company delivered full-year net sales and adjusted diluted earnings per share growth for fiscal 2023.
Full-year net sales reached $4.55 billion, compared to $4.51 billion in fiscal 2022.
Full-year reported diluted EPS was $3.13, and adjusted diluted EPS was $4.21, compared to $4.20 reported and adjusted diluted EPS in fiscal 2022.
Fourth-quarter net sales were $0.98 billion, compared to $1.17 billion in the same period of fiscal 2022.
Fourth-quarter reported diluted EPS was $0.67, and adjusted diluted EPS was $0.71, compared to $1.12 reported diluted EPS and $1.11 adjusted diluted EPS in the same period of fiscal 2022.
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, management expects low-single-digit total company net sales growth and adjusted diluted EPS in the range of $4.25 to $4.35.
Positive Outlook
- Benefit from the strength of our portfolio.
- A more stable supply chain.
- New strategic partnership with Lowe’s.
- Expect a more reliable supply of components will support increased, flexible production capacity within our existing manufacturing footprint.
- Expect incremental growth from our expanded mass channel will help offset headwinds from elevated field inventory levels of residential and professional snow and lawn care solutions.
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 fiscal year-to-date.
- Assumes more typical weather patterns for the upcoming spring and summer seasons.
- Considers the expected incremental impact of an expanded residential segment mass channel.
Revenue & Expenses
Visualization of income flow from segment revenue to net income