Toro Co. (NYSE:TTC) delivered a profit and beat Wall Street’s expectations, AND beat the revenue expectation. The revenue beat is a positive sign to shareholders seeking high growth out of the company.
Toro Co. Earnings Cheat Sheet
Results: Adjusted Earnings Per Share increased 16.81% to $1.32 in the quarter versus EPS of $1.13 in the year-earlier quarter.
Revenue: Rose 1.88% to $704.5 million from the year-earlier quarter.
Actual vs. Wall St. Expectations: Toro Co. reported adjusted EPS income of $1.32 per share. By that measure, the company beat the mean analyst estimate of $1.19. It beat the average revenue estimate of $700.35 million.
Quoting Management: “We achieved record sales and earnings in the quarter, despite this year’s challenging weather pattern compared to a year ago,” said Michael J. Hoffman, Toro’s chairman and chief executive officer. “In 2012, we enjoyed ideal spring conditions with a warm, early start to the season, while this year much of North America and Europe have dealt with unusually cold weather. These conditions delayed sales, especially of our residential products which are more immediately impacted by weather. Improved market conditions for some of our professional customers, combined with new products and solid execution, fueled shipment growth that offset the delay of our residential shipments. Through the first six months, our golf and micro irrigation businesses have been strong, and our professional sales in Europe and Asia are ahead of last year. While our earnings benefited from mix and timing, I’m pleased to see our productivity efforts yielding results on the path to our Destination 2014 operating earnings goal.”
Key Stats (on next page)…