- Toro Co TTC reported first-quarter FY22 sales growth of 6.8% year-over-year to $932.65 million, missing the consensus of $967.83 million.
- Adjusted EPS was $0.66, beating the consensus of $0.62.
- Sales by segments: Professional $672.89 million (+3.5% Y/Y), and Residential $255.4 million (+17.3% Y/Y).
- Operating earnings reduced by 35.2% Y/Y to $91.63 million, and margin declined by 640 bps to 9.8%
- Gross margin contracted by 390 bps to 32.2%, reflecting increased inflationary pressures and product availability constraints.
- SG&A expense as a percentage of net sales 22.4% versus 19.9% a year ago.
- Toro's cash used in operating activities was $90.04 million, compared to cash generated $95.03 million a year ago. Adjusted free cash outflow was $101.95 million.
- The company held cash and equivalents of $192.96 million as of January 28, 2022.
- FY22 Outlook: Toro raised its FY22 net sales guidance to incorporate the Intimidator Group acquisition. The company expects net sales growth of 12% to 14% (prior expectation of 8% - 10%).
- Toro holds on to the adjusted EPS outlook of $3.90 - $4.10 versus the consensus of $3.97.
- Price Action: TTC shares traded lower by 2.12% at $94.73 on the last check Thursday.
© 2022 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Ad Disclosure: The rate information is obtained by Bankrate from the listed institutions. Bankrate cannot guaranty the accuracy or availability of any rates shown above. Institutions may have different rates on their own websites than those posted on Bankrate.com. The listings that appear on this page are from companies from which this website receives compensation, which may impact how, where, and in what order products appear. This table does not include all companies or all available products.
All rates are subject to change without notice and may vary depending on location. These quotes are from banks, thrifts, and credit unions, some of whom have paid for a link to their own Web site where you can find additional information. Those with a paid link are our Advertisers. Those without a paid link are listings we obtain to improve the consumer shopping experience and are not Advertisers. To receive the Bankrate.com rate from an Advertiser, please identify yourself as a Bankrate customer. Bank and thrift deposits are insured by the Federal Deposit Insurance Corp. Credit union deposits are insured by the National Credit Union Administration.
Consumer Satisfaction: Bankrate attempts to verify the accuracy and availability of its Advertisers' terms through its quality assurance process and requires Advertisers to agree to our Terms and Conditions and to adhere to our Quality Control Program. If you believe that you have received an inaccurate quote or are otherwise not satisfied with the services provided to you by the institution you choose, please click here.
Rate collection and criteria: Click here for more information on rate collection and criteria.