Toro Company (TTC) Tops Q3 EPS by 4c, Comments on FY Guidance
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The Toro Company (NYSE: TTC) reports Q3 EPS of $0.99, 4 cents better than estimates. Revenues were $492.6 million vs. $473.12 million consensus.
The company expects overall economic conditions to remain difficult for the remainder of fiscal 2008. “In the current environment, we’ll maintain our focus on driving retail demand, managing inventory levels and addressing rising commodity costs,” said Hoffman. “Long-term, we win in the marketplace by delivering innovative, high-quality products that solve customers’ problems. To that end, we’re looking forward to upcoming industry events this fall where we expect to introduce a number of exciting products for the new fiscal year.”
The company reaffirmed that it expects fiscal 2008 net sales to be roughly equal to fiscal 2007 net sales of $1,876.9 million and now expects net earnings per share to be down 6 to 9 percent from the $3.40 per share reported for fiscal 2007. (FY08 revenue consensus is $1.86 billion and EPS consensus is $3.19)[SM]
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