Toro Co. Files 10-Q for Period Ending May 3, 2024

TL;DR

**TTC 10-Q filed: Q2 2024 results are in. Check financials.**

AI Summary

The Toro Company (TTC) filed its 10-Q for the period ending May 3, 2024. The company reported its financial results for the second quarter and first half of fiscal year 2024. Key financial data and operational details are presented in this filing, reflecting the company's performance in the lawn and garden equipment sector.

Why It Matters

This filing provides investors and analysts with the latest financial performance data for The Toro Company, crucial for understanding its current business health and future prospects in the outdoor equipment market.

Risk Assessment

Risk Level: low — This is a routine quarterly filing providing standard financial disclosures.

Key Players & Entities

• TORO CO (company) — Filer of the 10-Q
• 20240503 (date) — End of the reporting period
• 20240606 (date) — Filing date
• BLOOMINGTON, MN (location) — Company headquarters and mailing address

FAQ

Key Financial Figures

• $1.00 — ich registered Common Stock, par value $1.00 per share TTC New York Stock Exchange

Filing Documents

• ttc-20240503.htm (10-Q) — 1735KB
• ttc05032024exhibit311.htm (EX-31.1) — 12KB
• ttc05032024exhibit312.htm (EX-31.2) — 12KB
• ttc05032024exhibit32.htm (EX-32) — 10KB
• 0000737758-24-000036.txt ( ) — 9398KB
• ttc-20240503.xsd (EX-101.SCH) — 48KB
• ttc-20240503_cal.xml (EX-101.CAL) — 88KB
• ttc-20240503_def.xml (EX-101.DEF) — 235KB
• ttc-20240503_lab.xml (EX-101.LAB) — 608KB
• ttc-20240503_pre.xml (EX-101.PRE) — 452KB
• ttc-20240503_htm.xml (XML) — 1982KB

Financial Statements

Financial Statements Condensed Consolidated Statements of Earnings (Unaudited) 5 Condensed Consolidated Statements of Comprehensive Income (Unaudited) 5 Condensed Consolidated Balance Sheets (Unaudited) 6 Condensed Consolidated Statements of Cash Flows (Unaudited) 7 Condensed Consolidated Statements of Stockholders' Equity (Unaudited) 8 Notes to Condensed Consolidated Financial Statements (Unaudited) 9 Item 2.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 28 Company Overview 28 Results of Operations 29 Business Segments 31 Financial Position 33 Non-GAAP Financial Measures 35 Critical Accounting Policies and Estimates 37 Item 3.

Quantitative and Qualitative Disclosures about Market Risk

Quantitative and Qualitative Disclosures about Market Risk 37 Item 4.

Controls and Procedures

Controls and Procedures 39 PART II. OTHER INFORMATION: Item 1.

Legal Proceedings

Legal Proceedings 40 Item 1A.

Risk Factors

Risk Factors 40 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 40 Item 5. Other Information 40 Item 6. Exhibits 41

Signatures

Signatures 42 2 Table of Contents CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS This Quarterly Report on Form 10-Q contains not only historical information, but also forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Statements that are not historical are forward-looking and reflect expectations and assumptions that we believe to be reasonable. Forward-looking statements are based on our current expectations of future events and often can be identified in this report and elsewhere by using words such as "expect," "strive," "outlook," "guidance," "forecast," "goal," "anticipate," "continue," "plan," "estimate," "project," "target," "improve," "believe," "become," "should," "could," "will," "would," "possible," "may," "likely," "intend," "can," "pursue," "potential," "approximately," variations of such words or the negative thereof, and similar expressions or future dates. Our forward-looking statements generally relate to our future performance, including our anticipated operating results, liquidity requirements, and financial condition; the anticipated impacts of current global supply chain disruptions, the inflationary environment, current wars and international sanctions and geopolitical tensions, tight labor markets and other macroeconomic factors; our business strategies, priorities, goals, and commitments; acquisitions and any impairment, restructuring, or other charges in connection therewith or resulting therefrom; business and productivity initiatives and anticipated sales growth, profitability, cost savings and other benefits associated therewith; and the effect of laws, rules, policies, regulations, tax reform, new accounting pronouncements, and outstanding litigation on our business and future performance. Forward-looking statements are only projections and involve risks and uncertainties that could cause actual results to differ materially from those projected or implied in the forward-l

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION

FINANCIAL STATEMENTS

ITEM 1. FINANCIAL STATEMENTS THE TORO COMPANY AND SUBSIDIARIES Condensed Consolidated Statements of Earnings (Unaudited) (Dollars and shares in millions, except per share data) Three Months Ended Six Months Ended May 3, 2024 May 5, 2023 May 3, 2024 May 5, 2023 Net sales $ 1,349.0 $ 1,339.3 $ 2,350.9 $ 2,488.2 Cost of sales 896.0 859.6 1,553.4 1,612.6 Gross profit 453.0 479.7 797.5 875.6 Selling, general and administrative expense 265.4 260.9 521.3 520.4 Operating earnings 187.6 218.8 276.2 355.2 Interest expense ( 16.7 ) ( 14.7 ) ( 32.9 ) ( 28.8 ) Other income, net 8.3 6.7 16.0 15.7 Earnings before income taxes 179.2 210.8 259.3 342.1 Provision for income taxes 34.4 43.3 49.6 67.8 Net earnings $ 144.8 $ 167.5 $ 209.7 $ 274.3 Basic net earnings per share of common stock $ 1.39 $ 1.60 $ 2.01 $ 2.62 Diluted net earnings per share of common stock $ 1.38 $ 1.59 $ 2.00 $ 2.60 Weighted-average number of shares of common stock outstanding — Basic 104.4 104.7 104.4 104.6 Weighted-average number of shares of common stock outstanding — Diluted 104.9 105.6 104.9 105.6 See accompanying Notes to Condensed Consolidated Financial Statements. THE TORO COMPANY AND SUBSIDIARIES Condensed Consolidated Statements of Comprehensive Income (Unaudited) (Dollars in millions) Three Months Ended Six Months Ended May 3, 2024 May 5, 2023 May 3, 2024 May 5, 2023 Net earnings $ 144.8 $ 167.5 $ 209.7 $ 274.3 Other comprehensive (loss) income, net of tax: Foreign currency translation adjustments ( 2.0 ) ( 2.2 ) 5.3 19.0 Derivative instruments, net of tax of $ 0.4 ; $ 0.3 ; $( 1.5 ); and $( 5.6 ), respectively 1.2 1.6 ( 4.1 ) ( 15.1 ) Other comprehensive (loss) income, net of tax ( 0.8 ) ( 0.6 ) 1.2 3.9 Comprehensive income $ 144.0 $ 166.9 $ 210.9 $ 278.2 See accompanying Notes to Condensed Consolidated Financial Statements. 5 Table of Contents THE TORO COMPANY AND SUBSIDIARIES Condensed Consolidated Balance Sheets (Unaudited) (Dollars in millions,