Toro's stock rises on stronger-than-expected profit

Toro Corp.'s stock (TORO) was up by 3.5% in premarket trading on Wednesday after the lawn mower company's fourth-quarter profit and revenue beat analyst estimates. The Toro said its fourth-quarter net income fell 40% to $70.3 million, or 67 cents a share, from $117.6 million, or $1.12 a share in the year-ago quarter. Adjusted fourth-quarter profit of 71 cents a share beat the FactSet consensus estimate of 56 cents a share. Sales dropped by 16% to $983.2 million, ahead of the analyst estimate of $973.3 million. The company said strength in its underground and specialty construction, and golf and grounds businesses offset "the sharp year-over-year reduction in homeowner demand." Looking ahead, Toro expects adjusted 2024 profit of $4.25 to $4.35 a share, compared to the FactSet consensus estimate of $4.30 a share. The company also said it benefitted from "swift actions to align production and costs with current conditions in our various markets."

-Steve Gelsi

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12-20-23 0849ET

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