The Toro Company (NYSE:TTC) has announced its financial results for the third quarter of fiscal year 2024, reporting a robust 6.9% increase in net sales to $1.16 billion compared to the same quarter last year.
This growth was primarily driven by strong performances in the company’s residential segment and its professional segment, particularly in underground construction and golf businesses.
Despite some cautious purchasing behavior observed among lawn care dealers, Toro saw a significant surge in its earnings, with reported diluted earnings per share (EPS) escalating to $1.14 from $0.14 in the corresponding quarter of the previous year.
The company also reported improvements in profitability, with gross margin rising to 34.8% and adjusted gross margin reaching 35.4%, both up from the 34.4% reported in the prior-year period.
Looking forward, Toro has revised its full-year adjusted diluted EPS forecast to range between $4.15 and $4.20.
This adjustment reflects the company's strong business fundamentals and its ongoing strategic investments aimed at enhancing productivity and operational excellence.