Toro Board Declares Two-for-one-stock Split; Narrows Full-year Earnings Outlook

(RTTNews) - The Toro Company (TTC) announced its Board has declared a two-for-one split of the company's common stock, which will be effected in the form of a 100 percent stock dividend. The stock dividend will be distributed on September 16, 2016, to shareholders of record as of September 1, 2016.

The company narrowed its full-year earnings outlook to about $3.95 to $4.00 per share. Full-year revenue growth expectations for fiscal 2016 have also been narrowed to flat to up 1 percent. Analysts polled by Thomson Reuters expect the company to report profit per share of $4.01. Analysts' estimates typically exclude special items.

The Toro Company reported net earnings of $55.8 million, or $1.00 per share, on net sales of $601 million, a decrease of 1.4 percent, for its fiscal third quarter ended July 29, 2016. In the comparable fiscal 2015 period, the company delivered net earnings of $53.3 million, or $0.94 per share, on net sales of $609.6 million.