The Toro Company (NYSE:TTC) shares are trading lower after the company reported third-quarter results.
Sales increased 6.9% Y/Y to $1.156 billion, missing the consensus of $1.259 billion. Professional $880.9 million (-1.7% Y/Y), and Residential $267.5 million (+52.6% Y/Y).
Adjusted EPS of $1.18 (+24.2% Y/Y) missed the consensus of $1.22.
Adjusted gross margin expanded to 35.4% from 34.4% a year ago, led by productivity improvements and net price realization.
Adjusted operating margin for the third quarter was 13.7%, up from 12.2% in the same period last year. As of August 2, cash and equivalents stood at $221.1 million.
Richard M. Olson, chairman and chief executive officer, said, “In both ...
