Key Points – Toro beat Q2 expectations and raised its full-year outlook after reporting 8% net sales growth and adjusted EPS of $1.60, its second straight quarter of double-digit adjusted earnings growth. – Professional segment led the quarter, with sales up 9.1% and margin…
proving to 20.3%, driven by strong demand in golf, grounds, landscape contractor, and underground construction. – Margins and cash flow improved sharply as Toro’s AMP productivity program helped boost operating performance; free cash flow rose to $266 million, and the company returned $361 million to shareholders in the first half of the year. – The Toro Company: A Baby Bull Market Is Gaining Traction Toro (NYSE:TTC) raised its full-year outlook after reporting stronger-than-expected fiscal second-quarter results, with executives pointing to broad demand across its professional and residential businesses, improving margins and benefits from its productivity initiatives. Chairman and Chief Executive Officer Rick Olson said The Toro Company delivered second-quarter net sales growth of 8% and adjusted earnings per share of $1.60, marking the company’s second consecutive quarter of double-digit adjusted earnings growth
He said the results were driven by “strong demand and improving margins” despite macroeconomic and geopolitical headwinds and higher inflationary pressures. – The 8 best agricultural ETFs to consider for your portfolio “This disciplined approach is delivering results,” Olson said, citing the company’s priorities of accelerating profitable growth, driving productivity and operational excellence, and empowering people. Professional Segment Leads Growth Vice President and Chief Financial Officer Angela Drake said total second-quarter sales were $1.42 billion, up 8.1%, or 5.7% organically. Adjusted operating margin rose 70 basis points to 14.4%, which Drake said was the company’s highest operating margin in the past 12 quarters. – Toro Stock is Worth Getting Off Season The Professional…