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Toro Missed Q4 Revenue Due To Supply Chain Constraints; Issues Cautious FY23 Outlook

Published 21/12/2022, 16:41
Updated 21/12/2022, 18:13
© Reuters.  Toro Missed Q4 Revenue Due To Supply Chain Constraints; Issues Cautious FY23 Outlook

Benzinga - Toro Co (NYSE: TTC) reported fourth-quarter FY22 sales growth of 22% year-over-year to $1.17 billion, missing the consensus of $1.18 billion.

Here are the results:

  • Adjusted EPS of $1.11 beat the consensus of $1.09.
  • Sales by segments: Professional $944.7 million (+29% Y/Y), and Residential $223.5 million (-0.8% Y/Y).
  • The adjusted gross margin expanded 400 bps to 34.1%.
  • The adjusted operating margin grew 520 bps to 12.9%.
  • The company held $188.3 million in cash and equivalents.
Richard Olson

FY23 Outlook: Toro saw net sales of $4.831 billion - $4.966 billion, below the consensus of $4.990 billion.

It expects an adjusted EPS of $4.70 - $4.90 below the consensus of $4.97.

Price Action: TTC shares traded lower by 2.54% at $109.17 on the last check Wednesday.

© 2022 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

Read the original article on Benzinga

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