Toro (NYSE:TTC) Issues FY24 Earnings Guidance

Toro (NYSE:TTC) issued an update on its FY24 earnings guidance on Thursday morning. The company provided earnings per share (EPS) guidance of $4.15-4.20 for the period, compared to the consensus estimate of $4.31. The company issued revenue guidance of +1% yr/yr to $4.598 billion, compared to the consensus revenue estimate of $4.72 billion. Toro also updated its FY 2024 guidance to 4.150-4.200 EPS.

Toro Stock Up 0.3 %

Toro stock opened at $82.04 on Friday. Toro has a twelve month low of $77.15 and a twelve month high of $102.00. The company has a quick ratio of 0.87, a current ratio of 1.93 and a debt-to-equity ratio of 0.61. The company has a 50 day moving average of $91.55 and a 200-day moving average of $89.95. The stock has a market capitalization of $8.52 billion, a PE ratio of 32.43 and a beta of 0.69.

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

Wall Street Analyst Weigh In

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

Insider Buying and Selling at Toro

In related news, CEO Richard M. Olson sold 20,000 shares of the firm’s stock in a transaction on Friday, June 21st. The shares were 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 directly owns 17,913 shares of the company’s stock, valued at $1,705,138.47. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Corporate insiders own 1.62% of the company’s stock.

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.