Toro Company Achieves Record Sales in Fiscal 2024

By Bobby Samwell • Wednesday, December 18 10:14 • Permanent Link

The Toro Company has reported its financial results for the fourth quarter and full year of fiscal 2024. The company achieved record full-year net sales of $4.58 billion, which is a slight increase from $4.55 billion in fiscal 2023. The full-year reported diluted EPS was $4.01, up from $3.13 in fiscal 2023. The adjusted diluted EPS for full-year fiscal 2024 was $4.17, slightly down from $4.21 in fiscal 2023.

For the fourth quarter of fiscal 2024, the company reported net sales of $1.08 billion, up from $0.98 billion in the same period of fiscal 2023. The reported diluted EPS for the fourth quarter was $0.87, compared to $0.67 in the same period of fiscal 2023. The adjusted diluted EPS for the fourth quarter of fiscal 2024 was $0.95, a slight increase from $0.71 in the same period of fiscal 2023.

The company's full-year fiscal 2025 guidance for adjusted diluted EPS is in the range of $4.25 to $4.40.

In terms of segment results, the professional segment's net sales for the fourth quarter were $913.9 million, up 10.3% from the same period in the prior year. The full-year fiscal 2024 professional segment net sales were $3.56 billion, down 3.2% from the previous year.

The residential segment's net sales for the fourth quarter were $155.1 million, up 4.5% from the same period in the prior year. The full-year fiscal 2024 residential segment net sales were $998.3 million, up 16.9% from the previous year.

The company also highlighted significant improvements in free cash flow during fiscal 2024, amounting to just over $470 million, which supported the return of nearly $400 million to shareholders, including increased regular dividend payouts and approximately $250 million in share repurchases.

Additionally, the company provided an outlook for fiscal 2025, expecting total company net sales growth in the range of 0% to 1% and adjusted diluted EPS in the range of $4.25 to $4.40.

The Toro Company's gross margin for the fourth quarter was 32.4%, compared with 33.5% for the same prior-year period. The adjusted gross margin for the fourth quarter was 32.3%, compared with 33.6% for the same prior-year period.

As a result of these announcements, the company's shares have moved -3.6% on the market, and are now trading at a price of $82.22. If you want to know more, read the company's complete 8-K report here.

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