Toro (NYSE:TTC) Releases FY 2024 Earnings Guidance

Toro (NYSE:TTC) issued an update on its FY 2024 earnings guidance on Thursday morning. The company provided earnings per share (EPS) guidance of 4.150-4.200 for the period, compared to the consensus estimate of 4.300. The company issued revenue guidance of $4.6 billion-$4.6 billion, compared to the consensus revenue estimate of $4.7 billion. Toro also updated its FY24 guidance to $4.15-4.20 EPS.

Toro Price Performance

Toro stock traded up $2.10 during trading hours on Friday, hitting $83.92. The stock had a trading volume of 67,985 shares, compared to its average volume of 881,444. The company has a debt-to-equity ratio of 0.61, a current ratio of 1.93 and a quick ratio of 0.87. The stock has a market capitalization of $8.72 billion, a price-to-earnings ratio of 32.34 and a beta of 0.69. Toro has a 1-year low of $77.15 and a 1-year high of $102.00. The stock’s fifty day moving average is $91.99 and its two-hundred day moving average is $90.12.

Toro (NYSE:TTC) last posted its earnings results on Thursday, September 5th. The company reported $1.18 earnings per share for the quarter, missing the consensus estimate of $1.23 by ($0.05). The firm had revenue of $1.16 billion during the quarter, compared to analyst estimates of $1.26 billion. Toro had a net margin of 6.00% and a return on equity of 25.04%. The firm’s revenue for the quarter was up 6.9% on a year-over-year basis. During the same period last year, the company posted $0.95 EPS. As a group, analysts predict that Toro will post 4.32 earnings per share for the current fiscal year.

Analyst Ratings Changes

Separately, Robert W. Baird decreased their price objective on Toro from $102.00 to $92.00 and set a neutral rating on the stock in a research note on Friday. One research analyst has rated the stock with a sell rating, three have issued a hold rating and one has assigned a buy rating to the company’s stock. According to data from MarketBeat, the stock currently has a consensus rating of Hold and an average target price of $96.75.

Insiders Place Their Bets

In other Toro news, CEO Richard M. Olson sold 20,000 shares of the firm’s stock in a transaction dated Friday, June 21st. The stock was sold at an average price of $95.19, for a total value of $1,903,800.00. Following the sale, the chief executive officer now directly owns 17,913 shares of the company’s stock, valued at approximately $1,705,138.47. The sale was disclosed in a filing with the SEC, which can be accessed through this link. 1.62% of the stock is owned by corporate insiders.

About Toro

The Toro Company designs, manufactures, markets, and sells professional turf maintenance equipment and services. It operates through two segments: Professional and Residential. The Professional segment offers turf and landscape equipment products, including sports fields and grounds mowing and maintenance equipment, golf course mowing and maintenance equipment, landscape contractor mowing equipment, landscape creation and renovation equipment, and other maintenance equipment; rental, specialty, and underground construction equipment, such as horizontal directional drills, walk and ride trenchers, stand-on skid steers, vacuum excavators, stump grinders, turf renovation products, asset locators, pipe rehabilitation solutions, materials handling equipment, and other after-market tools; and snow and ice management equipment, such as snowplows, as well as stand-on snow and ice removal equipment, such as snowplow, snow brush, and snow thrower attachments, salt and sand spreaders, and related parts and accessories for light and medium duty trucks, utility task vehicles, skid steers, and front-end loaders.