Welcome to our dedicated page for Toro news (Ticker: TTC), a resource for investors and traders seeking the latest updates and insights on Toro stock.
The Toro Company (NYSE: TTC) regularly issues news updates that describe its role as a global provider of solutions for the outdoor environment, with activities in turf and landscape maintenance, snow and ice management, underground utility construction, rental and specialty construction, and irrigation and outdoor lighting solutions. The company’s news flow offers insight into how it manages its Professional and Residential segments, its brand portfolio, and its financial and strategic priorities.
Recent press releases have focused on quarterly and full-year financial results, where management discusses segment performance, margin trends, productivity initiatives, and the use of non-GAAP financial measures such as adjusted earnings and free cash flow. These earnings announcements often highlight the contribution of underground construction and golf and grounds within the Professional segment, as well as demand conditions in the Residential segment.
News items also cover capital allocation and financing decisions, including declarations of regular quarterly cash dividends, authorizations of additional share repurchase capacity, and the issuance of senior notes under a note purchase agreement. These releases provide context on how the company finances its operations, manages its balance sheet, and returns capital to shareholders.
Another recurring theme in The Toro Company’s news is strategic transactions and partnerships. The company has announced both the agreement to acquire and the completion of the acquisition of Tornado Infrastructure Equipment Ltd., a manufacturer of vacuum trucks and industrial equipment solutions for underground construction, power transmission, and energy markets. It has also publicized partnerships such as its role as an official partner of the 2026 Special Olympics USA Games, including the provision of Toro utility and passenger vehicles to support event operations.
Additionally, The Toro Company issues releases on leadership appointments and organizational changes, such as naming new executives to roles overseeing corporate affairs, investor relations, and specific business groups like golf, grounds, and irrigation. For investors and observers, the TTC news page offers a consolidated view of financial performance, strategic direction, governance developments, and community engagement activities.
The Toro Company (NYSE: TTC) reported Q3 fiscal 2024 results with net sales of $1.16 billion, up 6.9% year-over-year. Reported diluted EPS was $1.14, up from $(0.14) in Q3 2023, while adjusted diluted EPS rose 24.2% to $1.18. Growth was driven by the residential mass channel, golf and grounds, and underground construction segments. However, increased macro caution in July led to lower-than-expected lawn care shipments to dealers. The company made significant progress in reducing dealer field inventories of lawn care products. Toro revised its full-year adjusted diluted EPS guidance to $4.15 to $4.20. The company expects total net sales growth of about 1% for fiscal 2024, citing continued macro uncertainty affecting consumer and channel caution.
The Toro Company (NYSE: TTC), a leading global provider of outdoor environment solutions, has announced the release of its fiscal 2024 third quarter results on Thursday, September 5, at approximately 7:30 a.m. CDT. The full earnings release will be available on the company's investor relations website. Additionally, Toro will host an earnings conference call at 10 a.m. CDT on the same day. Investors and interested parties can access a live, listen-only webcast of the call through the company's website. Participants are advised to register in advance and install any necessary audio software. A replay of the call will be made available on the website shortly after its conclusion.
Griffon (NYSE: GFF) announced that its subsidiary, The AMES Companies, acquired Pope from The Toro Company. Pope is an Australian provider of residential watering products. This marks AMES's seventh acquisition in Australia since 2013 and expands its product portfolio in the Australian market. Pope is expected to add approximately $25 million in annual revenue and positively impact Griffon's earnings in the first full year. Financial details of the acquisition were not disclosed.
The Toro Company (NYSE: TTC) has announced the sale of its Australia-based residential Pope Products business to The AMES Company, a subsidiary of Griffon (NYSE: GFF). The sold assets, focused on garden watering and irrigation, were exclusively marketed in Australia and New Zealand. This divestiture aligns with Toro's strategy to concentrate on high-growth sectors such as golf, sports fields, and professional contractor markets. Financially, the sale's impact on Toro's fiscal 2024 results is negligible and was already factored into their previous forecasts.
The Toro Company (NYSE: TTC) has released its 2023 Sustainability Impact Report, detailing achievements across its strategic priorities of growth, operational excellence, and empowering people. Key goals include increasing battery and hybrid product sales to 20% of total sales and reducing Scope 1 and 2 greenhouse gas emissions by 15% by 2025. Notable achievements include partnerships for workforce development, recognition by Newsweek as one of the World’s Most Trustworthy Companies, and substantial investments in scholarships and youth programs. The company also reported advancements in product innovation and operational efficiency, such as LED lighting installation, energy practice assessments, and eWaste recycling events. For the full report, visit www.thetorocompany.com/sustainability.
The Toro Company (NYSE: TTC) announced its Q2 fiscal 2024 results, showcasing record net sales of $1.35 billion, a slight increase from $1.34 billion in Q2 2023.
Despite this, diluted EPS fell to $1.38 from $1.59, while adjusted diluted EPS dropped to $1.40 from $1.58. Exceptional growth in the residential segment was highlighted, driven by mass channel sales and new product success.
Professional segment sales decreased by 5.9%, primarily due to lower zero-turn mower shipments. Toro also made progress in reducing dealer field inventories.
For fiscal 2024, Toro reaffirmed its guidance of low single-digit net sales growth and adjusted diluted EPS between $4.25 and $4.35, citing robust demand in the professional segment and recovery signs in homeowner markets.
The Toro Company (NYSE: TTC) has announced a regular quarterly cash dividend of $0.36 per share of its common stock.
The dividend will be payable on July 11, 2024, to shareholders who are on record as of June 18, 2024.
The Toro Company, a global outdoor solutions provider, will announce its fiscal 2024 second-quarter results on June 6. The earnings release will be available on their website, followed by an earnings conference call.
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