The Toro Company (NYSE: TTC), a leading global provider of solutions for the outdoor environment, today reported results for its fiscal year ended October 31, 2024.
“We delivered our 15th consecutive year of net sales growth in what remained an extremely dynamic environment,” said CEO Richard M. Olson, “This was a testament to the strength of our portfolio and the disciplined execution by our team of talented employees and channel partners.
Full-year fiscal 2024 professional segment net sales were $3.56 billion, down 3.2% from $3.67 billion last year. The decrease was primarily due to lower shipments of lawn care equipment, snow and ice management products, and compact utility loaders, partially offset by higher shipments of golf and grounds products and underground construction equipment.
Professional segment earnings for the fourth quarter were $169.7 million, up 36.3% from $124.5 million in the same period last year, and when expressed as a percentage of net sales, 18.6%, up from 15.0% in the prior-year period. The positive change was primarily due to productivity improvements, net sales leverage, net price realization, and product mix, partially offset by higher material and manufacturing costs.
Full-year fiscal 2024 professional segment earnings were $638.9 million, up 25.5% compared with $509.1 million in the prior fiscal year, and when expressed as a percentage of net sales, 18.0%, up from 13.9% last year. The change was primarily driven by non-cash impairment charges in the prior year, productivity improvements, and product mix, partially offset by higher material and manufacturing costs and lower net sales volume.
TTC shares slid $2.34, or 2.7%, to $82.97.
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