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Sept. 2, 2021, 8:47 a.m. EDT

Toro stock gains after profit and revenue rise above expectations, and outlook lifted

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By Tomi Kilgore

Shares of Toro Co. /zigman2/quotes/206874474/composite TTC -0.91% rose 0.6% in premarket trading Thursday, after the lawn care equipment company reported fiscal third-quarter profit and sales that rose above expectations, as strength in the residential business helped offset a miss in professional, and raised its full-year outlook as strong demand was expected to offset continued supply chain, inflation and labor pressures. Net income for the quarter to July 30 rose to $96.3 million, or 89 cents a share, from $89.0 million, or 82 cents a share, in the year-ago period. Excluding nonrecurring items, adjusted earnings per share came to 92 cents, above the FactSet consensus of 78 cents. Sales increased 16.2% to $976.8 million, beating the FactSet consensus of $954.7 million. Professional sales grew 15.2% to $718.5 million, missing the FactSet consensus of $723.1 million, while Residential sales rose 23.0% to $252.1 million to top expectations of $236.2 million. Gross margin fell to 33.9% from 35.0%. For fiscal 2021, the company raised its adjusted EPS guidance range to $3.53 to $3.57 from $3.45 to $3.55 and lifted its sales growth outlook to 17% from 12% to 15%. The stock has slipped 1.3% over the past three months through Wednesday, while the S&P 500 /zigman2/quotes/210599714/realtime SPX -1.89% has gained 7.5%.

/zigman2/quotes/206874474/composite
US : U.S.: NYSE
$ 93.37
-0.86 -0.91%
Volume: 557,367
Jan. 21, 2022 4:00p
P/E Ratio
24.75
Dividend Yield
1.29%
Market Cap
$9.76 billion
Rev. per Employee
$361,413
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/zigman2/quotes/210599714/realtime
US : S&P US
4,397.94
-84.79 -1.89%
Volume: 3.20B
Jan. 21, 2022 4:52p
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