Toro posts Q3 sales gains
Bloomington, Minnesota-based The Toro Company reported third-quarter sales of $1.16 billion, up 6.9 percent from $1.08 billion in the same quarter last year.
Strong performance in the mass channel gave sales a strong push, said Richard M. Olson, chairman and CEO.
Net income swung to a profit of $119.3 million, compared to a loss of 15.0 million in the third quarter last year.
Still, the results failed to meet Wall Street expectations.
The numbers emerged from what the CEO called a very dynamic environment. He added: “We achieved substantial growth in our residential segment driven by our strong mass channel, as expected following aggressive destocking last year, and the strategic addition of Lowe’s this year.”
Looking ahead, the company expects a heightened level of macro uncertainty that will continue to drive near-term caution. The company lowered its full-year net sales outlook to growth of about 1 percent. Its previous outlook had called for a low-single-digit percent gain.
Olson concluded: “We are extremely well positioned in attractive end markets, and look ahead with optimism to fiscal 2025 and beyond. Our team remains laser focused on operating with agility and discipline, driving productivity across the enterprise, and capitalizing on our innovative product portfolio to drive value for our customers, channel partners and shareholders.”
