Toro Company reports Q2 adjusted EPS $1.40, consensus $1.29

Reports Q2 revenue $1.35B, consensus $1.34B. “We executed well in the second quarter, delivering results aligned with our expectations and achieving record net sales,” said Richard M. Olson, chairman and chief executive officer. “We realized exceptional growth in our residential segment due to our strong mass channel, successful new product introductions, and better weather conditions compared to last year. Our quarterly results also reflect growth in our professional segment’s underground and specialty construction, and golf and grounds businesses. For these businesses, our team drove incremental output within our existing manufacturing footprint to address elevated order backlog and better serve our customers. Importantly, we made significant progress in reducing dealer field inventories of lawn care equipment in both the residential and professional segment, a result of lower shipments to that channel, coupled with spring retail momentum.”