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 reports news around its outdoor-environment equipment portfolio, including turf and landscape maintenance, snow and ice management, underground construction, rental and specialty construction, irrigation, and outdoor lighting solutions.
Recurring updates for TTC cover Professional and Residential segment results, dividend and share-repurchase actions, product and brand portfolio developments, and completed acquisitions such as Tornado Infrastructure Equipment. Company announcements also address customer markets that include golf courses, sports fields, construction sites, public green spaces, commercial and residential properties, and agricultural operations.
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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