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Toro Company Q3 Results Beat Estimates, Raises Guidance
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Toro Company Q3 Results Beat Estimates, Raises Guidance

The Toro Company (TTC) designs, manufactures, and distributes innovative solutions deployed in the outdoor environment, including turf and landscape maintenance. It reported upbeat fiscal Q3 results for the period ended July 30, 2021.

Fiscal Q3 2021 net sales were up 16.2% year-over-year to $976.8 million compared to $841.0 million in the same quarter last year. Additionally, net sales surpassed consensus estimates of $937.1 million. The increase can be attributed to Toro’s capitalization of the current demand environment.

In other positive news, adjusted EPS increased 12.2% year-over-year to $0.92 from $0.82 in the same quarter last year. Adjusted EPS was also above the consensus estimate of $0.75. (See Toro Company stock charts on TipRanks)

Following the results, Toro Company CEO Richard M. Olson considers customers’ interest in the company’s new and enhanced products as positive. Olson expects Toro to deliver solid results for the full fiscal year, including record organic growth, as the company moves toward recording $4 billion in annual revenue.

Olson stated, “As we enter the final quarter of our fiscal year, we anticipate continued strong demand for our innovative product offerings, and are encouraged by the benefits we are realizing from our productivity and synergy initiatives.”

Toro has increased its Fiscal 2021 guidance. Net sales are expected to grow about 17%, up from an initial range of 12% – 15%. Additionally, adjusted EPS is expected to be in the range of $3.53 – $3.57, up from the previous guidance of $3.45 to $3.55 per share.

Last month, Robert W. Baird analyst Timothy Wojs downgraded the stock to Hold from Buy with a $116 price target.

Consensus among analysts is a Hold based on 3 unanimous holds. The average Toro Company price target of $116 implies 6.49% upside potential to current levels.

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