Toro Company (TTC) Tops Q1 EPS by 6c

Toro Company (NYSE: TTC) reported Q1 EPS of $0.64, $0.06 better than the analyst estimate of $0.58. Revenue for the quarter came in at $767.5 million versus the consensus estimate of $788.32 million.

“Fiscal 2020 is off to a solid start, fueled by revenue growth and gross margin expansion in the quarter that builds on similar results last year,” said Richard M. Olson, chairman and chief executive officer. “The integration of Charles Machine Works is progressing ahead of our original expectations as we approach the first anniversary of the acquisition, and we are on track to achieve our synergy goals. Among the many key initiatives that we expect will contribute to our fiscal year, we are excited about expanding our residential product reach through our new placement with the Tractor Supply Company. In fact, we believe all our channel partners will benefit from the refreshed products, branding and marketing. Finally, we announced the closing of the acquisition of Venture Products earlier this week. We welcome the Venture Products team and the well-regarded Ventrac® product line to The Toro Company.”

GUIDANCE:

Toro Company maintains FY2020 EPS of $3.33-$3.40.

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

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