Toro (NYSE:TTC) Issues Quarterly Earnings Results, Misses Estimates By $0.05 EPS

Toro (NYSE:TTC) released its quarterly earnings results on Thursday. The company reported $1.18 EPS for the quarter, missing analysts’ consensus estimates of $1.23 by ($0.05), Briefing.com reports. Toro had a net margin of 6.00% and a return on equity of 25.04%. The business had revenue of $1.16 billion during the quarter, compared to analysts’ expectations of $1.26 billion. During the same quarter last year, the business posted $0.95 earnings per share. The company’s quarterly revenue was up 6.9% compared to the same quarter last year. Toro updated its FY24 guidance to $4.15-4.20 EPS and its FY 2024 guidance to 4.150-4.200 EPS.

Toro Stock Performance

Toro stock traded up $0.22 during midday trading on Friday, reaching $82.04. 1,762,698 shares of the stock traded hands, compared to its average volume of 644,747. Toro has a fifty-two week low of $77.15 and a fifty-two week high of $102.00. The firm has a market cap of $8.52 billion, a price-to-earnings ratio of 32.43 and a beta of 0.69. The firm has a fifty day moving average price of $91.78 and a two-hundred day moving average price of $90.06. The company has a current ratio of 1.93, a quick ratio of 0.87 and a debt-to-equity ratio of 0.61.

Wall Street Analyst Weigh In

A number of research firms have commented on TTC. Northland Securities reaffirmed a “market perform” rating and issued a $100.00 target price on shares of Toro in a research report on Friday. Robert W. Baird lowered their target price on shares of Toro from $102.00 to $92.00 and set a “neutral” rating on the stock in a report on Friday. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating and one has issued a buy rating to the company’s stock. Based on data from MarketBeat, the stock has a consensus rating of “Hold” and an average price target of $98.00.

Insider Activity

In related news, CEO Richard M. Olson sold 20,000 shares of the stock in a transaction on 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 completion of the transaction, the chief executive officer now owns 17,913 shares in the company, valued at approximately $1,705,138.47. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Corporate insiders own 1.62% of the company’s stock.

Toro Company Profile

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.