Toro Company Revises FY18 Earnings Guidance - Quick Facts

(RTTNews) - The Toro Company (TTC) announced the company now expects adjusted net earnings per share to be about $2.67 to $2.73 for fiscal 2018. The company continues to expect revenue growth for fiscal 2018 to exceed 4 percent. The company said the revised 2018 guidance includes the ongoing lower corporate tax rate but excludes the one-time charges associated with U.S. tax reform and also excludes the benefit of the excess tax deduction for share-based compensation.

For the second quarter, the company expects adjusted net earnings per share to be about $1.17 to $1.22.

Adjusted first-quarter net earnings were $52.1 million, or $0.48 per share, which includes $0.06 benefit from the lower corporate tax rate, partially offset by $0.03 attributed to the excess tax deduction for share-based compensation, compared to adjusted net earnings of $40.1 million, or $0.37 per share in the comparable 2017 period, an increase of 29.7 percent. First-quarter sales increased 6.3 percent to a record $548.2 million.