The company reported a sales decline of 7% Y/Y to $1.08 billion, missing the consensus of $1.22 billion.
Adjusted EPS of $0.95 (-20% Y/Y) missed the consensus of $1.24.
Sales by segments: Professional $896.3 million (+1.1% Y/Y), and Residential $175.3 million (-35.1% Y/Y).
Adjusted gross margin contracted to 34.4% from 34.5% a year ago. Adjusted operating margin expanded to 12.2% from 14.1% the prior year.
As of August 4, 2023, cash and equivalents stood at $147.93 million.
"We believe the combination of macro dynamics and weather patterns this year has exacerbated the rebalancing of homeowner demand for lawn care solutions in both of our residential and professional segments, which has resulted in elevated dealer field inventories of those products, along with higher floorplanning expense than originally anticipated," added the CEO.
Price Action: TTC shares are down by 13.6% at $86.14 on the last check Thursday.
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