Toro Company (TTC) Tops Q3 EPS by 27c, Revenues Beat

September 3, 2020 8:31 AM EDT

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Toro Company (NYSE: TTC) reported Q3 EPS of $0.82, $0.27 better than the analyst estimate of $0.55. Revenue for the quarter came in at $841 million versus the consensus estimate of $772.58 million.

THIRD-QUARTER AND YEAR-TO-DATE FISCAL 2020 FINANCIAL HIGHLIGHTS

  • Net sales of $841.0 million, up 0.3% from $838.7 million in the third quarter of fiscal 2019; year-to-date fiscal 2020 net sales were $2.54 billion, up 5.6% from $2.40 billion in the same prior-year period.
  • Net earnings of $89.0 million, up 46.8% from $60.6 million in the third quarter of fiscal 2019; *adjusted net earnings of $88.7 million, down 1.2% from $89.8 million in the third quarter of fiscal 2019.
  • Year-to-date fiscal 2020 net earnings of $257.5 million, up 9.2% from $235.7 million in the same prior-year period; *adjusted net earnings of $258.6 million, down 5.1% from $272.4 million in the first nine months of fiscal 2019.
  • Reported EPS of $0.82 per diluted share, up 46.4% from $0.56 per diluted share in the third quarter of fiscal 2019; *adjusted EPS of $0.82 per diluted share, down 1.2% from $0.83 per diluted share in the third quarter of fiscal 2019.
  • Year-to-date fiscal 2020 reported EPS of $2.37 per diluted share, up 8.7% from $2.18 per diluted share in the same prior-year period; *adjusted EPS of $2.38 per diluted share, down 5.6% from $2.52 per diluted share in the first nine months of fiscal 2019.
  • As of July 31, 2020, the company had ample liquidity of $992 million, including cash and cash equivalents of $394 million and availability under its revolving credit facility of $598 million.

“We continued to deliver on our strategic business priorities of accelerating profitable growth, driving productivity and operational excellence, and empowering people,” said Richard M. Olson, chairman and chief executive officer. “We reported top-line growth in a challenging environment, primarily due to the continued strength of our residential segment as favorable weather, our new product lineup and stay-at-home trends drove robust demand in the mass and dealer channels. Incremental sales from our Venture Products acquisition also contributed to third-quarter growth. Additionally, we were encouraged by improved demand for our professional segment products, driven by greater business confidence and increased home investments.

“We are deeply grateful for the extraordinary efforts and resiliency of our entire team, which enabled us to deliver these results. Our dedicated people continue to live our brand promise and provide innovative solutions that meet our customers' needs,” concluded Olson.

For earnings history and earnings-related data on Toro Company (TTC) click here.



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