Toro Company (TTC) Tops Q4 EPS by 16c, Revenues Beat; Offers FY21 EPS Guidance Below Consensus
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Toro Company (NYSE: TTC) reported Q4 EPS of $0.64, $0.16 better than the analyst estimate of $0.48. Revenue for the quarter came in at $841 million versus the consensus estimate of $754.72 million.
Professional Segment Acquisitions and Residential Segment Performance Drive Results
- Q4 net sales of $841 million, up 14.5% year over year
- FY20 net sales of $3.38 billion, up 7.7% versus last year; residential segment net sales up 24.1%
- Q4 reported diluted EPS of $0.66; *Adjusted diluted EPS of $0.64, up 33.3% year over year
- FY20 reported diluted EPS of $3.03; *Adjusted diluted EPS of $3.02, up 0.7% versus last year
- FY21 guidance of *adjusted EPS in the range of $3.35 to $3.45 per diluted share
“Our strong fourth-quarter results were driven by continued sales growth in our residential segment and a rebound in our professional segment,” said Richard M. Olson, chairman and chief executive officer. “Residential sales were robust across all channels with strong demand for our new product lineup, accentuated by refreshed branding, an extended selling season, and stay-at-home trends. Improved demand for our professional products reflected greater business confidence from our customers and increased home investments. The integration of our Venture Products acquisition added another strong brand with multi-season products, contributing incremental sales in the quarter.”
“Our momentum and continued investments position us well for success in the new fiscal year,” continued Olson. “We have a strong portfolio of businesses and deep customer relationships, a dedicated team and channel partners, and innovative products and emerging technologies aligned with customer needs. We will remain sharply focused on business execution as we continue to face uncertainty due to the ongoing pandemic.”
“We will build upon our Sustainability Endures platform, our commitment to making a positive impact worldwide. Throughout last year, we put this commitment into action as we transformed how we do work and reimagined our business model from product innovation and production through customer service and support, all while keeping each other safe. In addition, we remain committed to driving future results through our enterprise strategic priorities of accelerating profitable growth, driving productivity and operational excellence, and empowering people,” concluded Olson.
Toro Company sees FY2021 EPS of $3.35-$3.45, versus the consensus of $3.46.
The company is providing full-year fiscal 2021 guidance based on current visibility, although there continues to be considerable uncertainty given the potential effects of COVID-19 on demand levels and timing, its supply chain and the broader global economy.
For fiscal 2021, management expects total net sales growth in the range of 6.0% to 8.0% and *adjusted EPS in the range of $3.35 to $3.45 per diluted share. This estimated adjusted diluted EPS range excludes the benefit of the excess tax deduction for share-based compensation.
For earnings history and earnings-related data on Toro Company (TTC) click here.
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