Toro Company backs FY24 adjusted EPS view $4.25-$4.35, consensus $4.26

Backs FY24 revenue view up low-single-digits, consensus $4.64B. The company said, “Our strong business fundamentals, leadership in attractive end markets, and deep relationships give us confidence in our ability to deliver growth in fiscal 2024,” added Olson. “For our professional segment, we expect continued strength in demand for our underground construction business, supported by a long runway of robust private and public multi-year spending to address global infrastructure needs. We also expect continued strength in our golf business, with healthy budgets supported by the sustained momentum in rounds played, an increase in new golfers, and new course development. For these businesses, order backlog remains elevated and, as such, we expect to continue driving increased output to improve lead times. For lawn care products, we are encouraged by the positive signs of recovery in homeowner markets along with the favorable spring weather patterns to date. We expect continued growth in shipments to our residential segment mass channel, and anticipate this growth will help offset our expectations for lower preseason shipments of snow and ice management products given the lack of snow this past winter. Overall, our team is laser focused on operating with dedication and agility, driving productivity across the enterprise, and capitalizing on our innovative product portfolio to drive value for our customers, channel partners and shareholders.”