NYSE$TTC
The Toro Company · Q3 2023 earnings
Q3 2023 earnings · · Investor relations
Briefing
Toro's third quarter results were impacted by lower-than-expected homeowner demand for lawn care solutions, while construction, and golf and grounds markets showed continued strength.
The Toro Company reported a decrease in net sales to $1.08 billion compared to $1.16 billion in the same period last year. Reported diluted EPS was ($0.14), including non-cash impairment charges. Adjusted diluted EPS was $0.95, compared to $1.19 in the comparable period of fiscal 2022. The company revised its full-year adjusted diluted EPS guidance to a range of $4.05 to $4.10.
- Net sales for the third quarter were $1.08 billion, a decrease of 7% compared to the same period in fiscal 2022.
- Reported diluted EPS for the third quarter was ($0.14), which includes non-cash impairment charges.
- Adjusted diluted EPS for the third quarter was $0.95, compared to $1.19 in the comparable period of fiscal 2022.
- The company announced a new strategic partnership with Lowe’s.
Headline financials
Revenue & EPS history
Toro · Revenue · Quarterly
$1.08B
Revenue by segment
Toro · $1.08B total across 3 segments · Q3 2023
- Professional$896M+1.1%82.9%
- Residential$175M-35.1%16.2%
- Other$10.1M+133.0%0.9%
Forward guidance
The company expects net sales similar to slightly higher than the prior fiscal year, and adjusted diluted EPS in the range of $4.05 to $4.10 for the fiscal year ending October 31, 2023.
Tailwinds
- Continued supply chain stabilization.
- Leveraging existing manufacturing footprint to implement incremental, flexible production capacity.
- New strategic partnership with Lowe’s to bolster market presence.
- Strong brands.
- Innovative new product pipeline and extensive distribution networks.
Headwinds
- Continued macro factors affecting third quarter results.
- Incremental manufacturing inefficiencies as production is further aligned to demand.
- Elevated dealer field inventories of lawn care solutions.
- Higher floorplanning expense than originally anticipated.
- Macro dynamics and weather patterns exacerbating rebalancing of homeowner demand.
Historical earnings impact
How earnings announcements have historically affected this stock's price.
Avg. return before/after earnings
Based on 19 quarterly earnings reports · overlaid with Q3 2023
-0.4%
Avg return
Earnings day
-1.0%
Avg return
5 days after
-1.3%
Avg return
30 days after
43%
30 / 69 earnings
Positive
+20.5%
Q2 2024
Best reaction
-17.4%
Q3 2023
Worst reaction
| Quarter | Report date | Reaction (Day 0) | +5 days | +30 days |
|---|---|---|---|---|
| Q2 2026 | -2.4% | +0.8% | — | |
| Q1 2026 | -2.1% | -1.8% | -8.0% | |
| Q4 2025 | +10.7% | +8.0% | +23.3% | |
| Q3 2025 | -0.0% | -2.2% | -4.6% | |
| Q2 2025 | +2.4% | +3.1% | +8.4% | |
| Q1 2025 | -4.9% | -3.3% | -15.7% | |
| Q4 2024 | -4.9% | -6.0% | -2.2% | |
| Q3 2024 | -9.8% | -9.0% | -7.7% | |
| Q2 2024 | +20.5% | +19.8% | +10.7% | |
| Q1 2024 | -4.8% | -5.9% | -7.4% | |
| Q4 2023 | +11.6% | +10.7% | +4.0% | |
| Q3 2023 | -17.4% | -17.4% | -15.4% | |
| Q2 2023 | -7.6% | -6.3% | -3.3% | |
| Q1 2023 | -3.5% | -2.4% | -10.8% | |
| Q4 2022 | -0.8% | +0.9% | -2.3% | |
| Q3 2022 | -0.3% | +2.6% | +4.3% | |
| Q2 2022 | +6.6% | +7.7% | -5.0% | |
| Q1 2022 | -6.7% | -14.6% | -10.6% | |
| Q4 2021 | +0.9% | -4.9% | +0.2% | |
| Q3 2021 | +1.2% | -1.4% | -9.5% | |
| Q2 2021 | -4.2% | -2.8% | +1.2% | |
| Q1 2021 | -1.7% | -2.7% | +5.1% | |
| Q4 2020 | +0.8% | +1.7% | +5.2% | |
| Q3 2020 | +2.6% | +2.4% | +8.0% | |
| Q2 2020 | +2.1% | +1.4% | -6.4% | |
| Q1 2020 | -2.4% | -4.7% | -19.3% | |
| Q4 2019 | -5.4% | -1.6% | +2.7% | |
| Q3 2019 | -1.2% | -1.7% | +0.5% | |
| Q2 2019 | -6.5% | -7.9% | -1.4% | |
| Q1 2019 | +3.3% | +2.6% | +9.5% | |
| Q4 2018 | -1.8% | -2.9% | -5.1% | |
| Q3 2018 | -2.9% | -0.9% | +1.1% | |
| Q2 2018 | +0.8% | +0.2% | -1.0% | |
| Q1 2018 | +2.4% | +3.3% | -3.9% | |
| Q4 2017 | +2.9% | +0.8% | +4.1% | |
| Q3 2017 | -10.8% | -12.6% | -10.7% | |
| Q2 2017 | +0.4% | +1.2% | +5.5% | |
| Q1 2017 | -1.0% | -0.8% | +0.4% | |
| Q4 2016 | +3.9% | +1.5% | +5.0% | |
| Q3 2016 | +3.8% | +5.0% | +0.2% | |
| Q2 2016 | -3.4% | — | — | |
| Q1 2016 | +5.3% | — | — | |
| Q4 2015 | +0.7% | — | — | |
| Q3 2015 | -0.7% | — | — | |
| Q2 2015 | +0.5% | — | — | |
| Q1 2015 | -1.5% | — | — | |
| Q4 2014 | -6.0% | — | — | |
| Q3 2014 | +2.4% | — | — | |
| Q2 2014 | +2.4% | — | — | |
| Q1 2014 | -0.3% | — | — | |
| Q4 2013 | -1.2% | — | — | |
| Q3 2013 | +10.0% | — | — | |
| Q2 2013 | +2.5% | — | — | |
| Q1 2013 | -0.4% | — | — | |
| Q4 2012 | -6.6% | — | — | |
| Q3 2012 | +1.2% | — | — | |
| Q2 2012 | -1.2% | — | — | |
| Q1 2012 | +1.1% | — | — | |
| Q4 2011 | +1.7% | — | — | |
| Q3 2011 | -4.5% | — | — | |
| Q2 2011 | -2.5% | — | — | |
| Q1 2010 | -2.8% | — | — | |
| Q1 2011 | -1.6% | — | — | |
| Q4 2008 | -1.7% | — | — | |
| Q4 2010 | -1.7% | — | — | |
| Q2 2010 | -1.7% | — | — | |
| Q4 2009 | +2.8% | — | — | |
| Q3 2010 | +2.8% | — | — | |
| Q3 2009 | +2.8% | — | — |
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