Toro (NYSE:TTC) Updates FY24 Earnings Guidance

Toro (NYSE:TTC) updated its FY24 earnings guidance on Thursday. The company provided earnings per share guidance of $4.15-4.20 for the period, compared to the consensus earnings per share estimate of $4.31. The company issued revenue guidance of +1% yr/yr to $4.598 billion, compared to the consensus revenue estimate of $4.72 billion. Toro also updated its FY 2024 guidance to 4.150-4.200 EPS.

Toro Stock Performance

NYSE TTC opened at $81.81 on Friday. Toro has a fifty-two week low of $77.15 and a fifty-two week high of $102.00. The firm has a market capitalization of $8.50 billion, a P/E ratio of 32.34 and a beta of 0.69. The stock’s fifty day moving average is $91.99 and its two-hundred day moving average is $90.12. The company has a debt-to-equity ratio of 0.61, a quick ratio of 0.87 and a current ratio of 1.93.

Toro (NYSE:TTC) last released its quarterly earnings data on Thursday, September 5th. The company reported $1.18 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.23 by ($0.05). The firm had revenue of $1.16 billion for the quarter, compared to analyst estimates of $1.26 billion. Toro had a return on equity of 25.04% and a net margin of 6.00%. Toro’s revenue for the quarter was up 6.9% on a year-over-year basis. During the same quarter in the previous year, the business posted $0.95 earnings per share. On average, research analysts anticipate that Toro will post 4.32 earnings per share for the current year.

Analyst Upgrades and Downgrades

Separately, Robert W. Baird lowered their price objective on Toro from $102.00 to $92.00 and set a neutral rating for the company in a research report on Friday. One investment analyst has rated the stock with a sell rating, three have issued a hold rating and one has given a buy rating to the stock. Based on data from MarketBeat, the stock has an average rating of Hold and an average target price of $96.75.

Insider Buying and Selling at Toro

In related news, CEO Richard M. Olson sold 20,000 shares of the stock in a transaction that occurred on Friday, June 21st. The shares were sold at an average price of $95.19, for a total transaction of $1,903,800.00. Following the completion of the transaction, the chief executive officer now owns 17,913 shares of the company’s stock, valued at approximately $1,705,138.47. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Company insiders own 1.62% of the company’s stock.

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.