The Toro Company

The Toro Company, a leading provider of outdoor maintenance solutions, announced its financial results for the fiscal second quarter ended May 5, 2023. The company reported record top- and bottom-line results, driven by strong demand in the professional segment, particularly in the construction and golf and grounds markets. Net sales for the quarter were $1.34 billion, a 7% increase compared to the same period last year. Net earnings and diluted earnings per share also showed significant growth, with a 28% increase. However, the residential segment experienced a decline in net sales and earnings due to unfavorable weather patterns and macroeconomic factors. Despite these challenges, the company remains optimistic about its long-term prospects, citing its diversified portfolio, growing scale, and disciplined team as drivers of positive results. Looking ahead, Toro expects continued strong demand in the professional segment and improving supply chain conditions, while acknowledging potential challenges in the residential segment due to macroeconomic uncertainty and consumer spending patterns. The company reaffirmed its fiscal 2023 guidance, anticipating net sales growth of 7% to 8% and adjusted diluted earnings per share in the range of $4.70 to $4.80. The Toro Company plans to discuss its earnings results further during a live conference call on June 8, 2023.