Toro Q3 Profit Spikes, Lifts FY22 Adj. Earnings Outlook

(RTTNews) - Toro Co. (TTC) Thursday reported 29.9 percent growth in third-quarter earnings, compared to the prior year, supported by revenue increase of 11.5 percent.

The company reported quarterly earnings of $125.15 million or $1.19 per share, compared to $96.32 million from $0.89 per share last year. On an adjusted basis, earnings were $1.19 per share.

Net sales for the third quarter increased to $1.160 billion from $976.84 million a year ago.

Looking ahead to the full year, the company raised adjusted earnings guidance and now expects adjusted earnings per share in a range of $4.07-$4.17. The earlier outlook was in the range of $3.90 to $4.10 per share.

Net sales growth for the period is now expected to increase by 14 percent, while the earlier projection was in the range of 12 to 14 percent.