Toro Company (TTC) Misses Q2 EPS by 4c, Revenues Beat; Affirms Q3 EPS Guidance Below Consensus, FY19 EPS Mid-Point Views Below Consensus
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Toro Company (NYSE: TTC) reported Q2 EPS of $1.17, $0.04 worse than the analyst estimate of $1.21. Revenue for the quarter came in at $962 million versus the consensus estimate of $958.24 million.
- Acquisition of Charles Machine Works completed ahead of schedule with favorable first month results
- Second quarter sales increase 9.9 percent to $962.0 million, fueled by acquisition
- Reported quarterly EPS of $1.07; adjusted quarterly EPS of $1.17
- New full-year EPS guidance of $2.90 to $3.00 and full-year revenue guidance of about $3.2 billion, both inclusive of Charles Machine Works
"The first half of 2019 has been dynamic for The Toro Company," said Richard M. Olson, Toro\'s chairman and chief executive officer. "We continue to be excited about the transformational acquisition of Charles Machine Works, while managing through unfavorable weather conditions in key regions. Poor spring weather, particularly in April, across much of the United States and Australia not only negatively impacted demand for spring turf products, but it also caused disruption in our supply chain and shipping capabilities. However, despite these headwinds, we have finished the first half of the year with solid revenue growth," said Olson.
"We are very pleased with the initial integration of our largest acquisition, Charles Machine Works, and we are encouraged by the synergy opportunities we are already executing on and expect to achieve over time. The residential business also enjoyed positive revenue momentum in both the quarter and year-to-date results. We continue to gain market share in key categories and expect profitability in the residential business to improve later in the fiscal year, as commodity costs moderate and as we see the anticipated benefits of productivity improvements."
"Looking ahead, warmer spring and summer weather should arrive soon to help spur turf equipment sales. We are also encouraged by the prospect of a good snow preseason sell-in later in the fiscal year, positive integration momentum, as well as synergy and margin improvement opportunities associated with the acquisition of Charles Machine Works. Further, we are excited about our innovative new product introductions as we head into our key selling season and we believe we are well positioned to build on our strategic initiatives as we enter the second half of the fiscal year."
Toro Company sees Q3 2019 EPS of $0.70-$0.75, versus the consensus of $0.83.
Toro Company sees FY2019 EPS of $2.90-$3.00, versus the consensus of $2.99. Toro Company sees FY2019 revenue of $3.2 billion, versus the consensus of $3.21 billion.
For earnings history and earnings-related data on Toro Company (TTC) click here.
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