Toro Company Reports Mixed Financial Results for Fiscal 2024
While achieving its 15th consecutive year of sales growth, Toro's earnings and guidance fell short of expectations, reflecting economic challenges and cost pressures.
- Toro Company's fiscal 2024 net sales rose 0.7% to $4.58 billion, driven by strong performance in the Residential segment, which grew 16.9%.
- The Professional segment, accounting for 77.6% of net sales, saw a 3.2% decline due to lower shipments of lawn care and snow management equipment.
- Fourth-quarter revenue increased 9% year-over-year to $1.08 billion but fell short of analysts' expectations of $1.09 billion.
- Toro's fiscal 2025 guidance projects flat to 1% revenue growth and adjusted EPS of $4.25 to $4.40, below analyst estimates of $4.59.
- The company launched the AMP initiative to improve productivity and reduce costs, targeting $100 million in annualized savings by fiscal 2027.
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