Toro Stock Gains On Q3 Beat, Raised FY21 Outlook

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  • Toro Co TTC reported third-quarter FY21 sales increased by 16.2% year-over-year to $976.84 million, beating the consensus of $937.1 million.
  • Sales by segments: Professional $718.48 million (+15.2% Y/Y), and Residential $252.12 million (+23% Y/Y).
  • Adjusted EPS improved to $0.92 from $0.82 in 3Q20, beating the consensus of $0.75.
  • The gross margin contracted by 110 bps to 33.9%.
  • The operating income increased by 5.2% Y/Y to $121.94 million, and the margin contracted by 130 bps to 12.5%.
  • Toro generated cash from operating activities year-to-date of $477.14 million, compared to $305.86 million a year ago, and adjusted Free cash flow of $429.17 million.
  • The company paid down $100 million in debt and returned $261.8 million to shareholders through regular dividends of $84.7 million and share repurchases of $177.1 million. As of July 30, 2021, the company had liquidity of $1.1 billion.
  • FY21 Outlook: Toro expects net sales growth of about 17% (prior 12% - 15%).
  • Adjusted EPS of $3.53 - $3.57 (prior $3.45 - $3.55) versus the consensus of $3.55.
  • Price Action: TTC shares are trading higher by 2.30% at $110.93 on the last check Thursday.
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