The Toro Company (NYSE: TTC) has announced an increase in its regular quarterly cash dividend from $0.36 per share to $0.38 per share, marking the 16th consecutive year of dividend increases. The dividend is payable on January 13, 2025, to shareholders of record at the close of business on December 23, 2024.
In addition to the dividend increase, the company's board of directors has authorized the repurchase of up to an additional 4 million shares of TTC's common stock through open-market or privately negotiated transactions. This decision reflects management's confidence in the company's financial position and prospects for future growth.
The Toro Company reported net sales of $4.55 billion in fiscal 2023, and its global presence extends to more than 125 countries through a portfolio of brands, including Toro, Ditch Witch, Exmark, and others. The company's commitment to constant innovation and strong customer relationships has solidified its legacy of excellence in providing solutions for the outdoor environment.
These developments illustrate the company's proactive approach to returning value to shareholders through dividend increases and share repurchases, while also positioning itself for continued success in its industry. The market has reacted to these announcements by moving the company's shares 1.4% to a price of $88.67. For more information, read the company's full 8-K submission here.
