$TTC Reports Strong Q1 2023 Results with Revenue Growth of 31% YoY.
Mar 9th 2023, 1:49 pm
Analyst Summary: The Toro Company (NYSE: TTC) delivered solid Q1 2023 financial results that exceeded expectations, with revenue growth of 31% YoY to $880.7 million. The increase in revenue was driven by strong demand for their innovative products, especially in key professional markets. The company showed increased profitability gains across the board, with gross margin up 2% to 34% and operating earnings up to 11% of net sales. The company's CEO, Richard M. Olson, commented that the company will prioritize investments in transformational technologies that can be leveraged across its broad portfolio to promote the acceleration of new product development and capitalize on long-term growth opportunities. The company expects continued supply chain improvements throughout the year and normalized demand patterns for residential and landscape contractor solutions. Therefore, the company is projecting an adjusted diluted EPS in the range of $4.40-$4.90 for FY2023, based on current visibility in this evolving and dynamic macro environment. However, investors should note that this guidance is based on certain assumptions and subject to risks and uncertainties. Overall, The Toro Company's Q1 2023 results demonstrate a resilient business model, strong operational execution, and the potential for long-term growth opportunities.