Toro (NYSE:TTC) Posts Earnings Results, Misses Expectations By $0.05 EPS

Toro (NYSE:TTC) posted its quarterly earnings results on Thursday. The company reported $1.18 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.23 by ($0.05), Briefing.com reports. Toro had a return on equity of 25.04% and a net margin of 6.00%. The firm had revenue of $1.16 billion for the quarter, compared to analyst estimates of $1.26 billion. During the same quarter in the prior year, the business posted $0.95 EPS. The business’s revenue was up 6.9% on a year-over-year basis. Toro updated its FY24 guidance to $4.15-4.20 EPS and its FY 2024 guidance to 4.150-4.200 EPS.

Toro Stock Performance

Shares of Toro stock opened at $82.04 on Friday. The stock has a market cap of $8.52 billion, a price-to-earnings ratio of 32.43 and a beta of 0.69. The company has a quick ratio of 0.87, a current ratio of 1.93 and a debt-to-equity ratio of 0.61. Toro has a twelve month low of $77.15 and a twelve month high of $102.00. The company’s fifty day moving average is $91.78 and its 200 day moving average is $90.06.

Insider Buying and Selling

In related news, CEO Richard M. Olson sold 20,000 shares of Toro stock in a transaction that occurred on Friday, June 21st. The stock was sold at an average price of $95.19, for a total value of $1,903,800.00. Following the transaction, the chief executive officer now directly owns 17,913 shares of the company’s stock, valued at $1,705,138.47. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. 1.62% of the stock is owned by corporate insiders.

Wall Street Analyst Weigh In

A number of analysts have weighed in on TTC shares. Northland Securities reaffirmed a “market perform” rating and set a $100.00 target price on shares of Toro in a research note on Friday. Robert W. Baird reduced their price objective on Toro from $102.00 to $92.00 and set a “neutral” rating on the stock in a research report on Friday. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating and one has issued a buy rating to the company. According to data from MarketBeat.com, Toro has an average rating of “Hold” and an average price target of $98.00.

About Toro

The Toro Company designs, manufactures, markets, and sells professional turf maintenance equipment and services. It operates through two segments: Professional and Residential. The Professional segment offers turf and landscape equipment products, including sports fields and grounds mowing and maintenance equipment, golf course mowing and maintenance equipment, landscape contractor mowing equipment, landscape creation and renovation equipment, and other maintenance equipment; rental, specialty, and underground construction equipment, such as horizontal directional drills, walk and ride trenchers, stand-on skid steers, vacuum excavators, stump grinders, turf renovation products, asset locators, pipe rehabilitation solutions, materials handling equipment, and other after-market tools; and snow and ice management equipment, such as snowplows, as well as stand-on snow and ice removal equipment, such as snowplow, snow brush, and snow thrower attachments, salt and sand spreaders, and related parts and accessories for light and medium duty trucks, utility task vehicles, skid steers, and front-end loaders.