Toro Co. Files Q3 2024 10-Q Report

TL;DR

**TTC Q3 2024 10-Q filed. Financials out.**

AI Summary

The Toro Company (TTC) filed its 10-Q for the period ending August 2, 2024. The filing details the company's financial performance and position, including revenue, net earnings, and cash flows for the third quarter and first nine months of fiscal year 2024. Specific financial figures and operational highlights are presented within the report.

Why It Matters

This filing provides investors and analysts with the latest financial data for The Toro Company, crucial for understanding its performance and making informed investment decisions.

Risk Assessment

Risk Level: low — This is a standard quarterly financial filing (10-Q) and does not inherently present new risks.

Key Players & Entities

• TORO CO (company) — Filer
• 0000737758 (company) — Central Index Key
• 20240802 (date) — Period of Report
• 20240905 (date) — Filed as of Date

FAQ

Key Financial Figures

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

Filing Documents

• ttc-20240802.htm (10-Q) — 1784KB
• ttc08022024exhibit311.htm (EX-31.1) — 12KB
• ttc08022024exhibit312.htm (EX-31.2) — 12KB
• ttc08022024exhibit32.htm (EX-32) — 10KB
• 0000737758-24-000046.txt ( ) — 9721KB
• ttc-20240802.xsd (EX-101.SCH) — 50KB
• ttc-20240802_cal.xml (EX-101.CAL) — 91KB
• ttc-20240802_def.xml (EX-101.DEF) — 242KB
• ttc-20240802_lab.xml (EX-101.LAB) — 641KB
• ttc-20240802_pre.xml (EX-101.PRE) — 469KB
• ttc-20240802_htm.xml (XML) — 2001KB

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 29 Company Overview 29 Results of Operations 30 Business Segments 33 Financial Position 34 Non-GAAP Financial Measures 36 Critical Accounting Policies and Estimates 39 Item 3.

Quantitative and Qualitative Disclosures about Market Risk

Quantitative and Qualitative Disclosures about Market Risk 39 Item 4.

Controls and Procedures

Controls and Procedures 41 PART II. OTHER INFORMATION: Item 1.

Legal Proceedings

Legal Proceedings 42 Item 1A.

Risk Factors

Risk Factors 42 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 42 Item 5. Other Information 42 Item 6. Exhibits 43

Signatures

Signatures 44 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 and current trends and uncertainties; the anticipated impacts of elevated field inventory levels and backlog, 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 ac

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION

FINANCIAL STATEMENTS

ITEM 1. FINANCIAL STATEMENTS THE TORO COMPANY AND SUBSIDIARIES Condensed Consolidated Statements of Earnings (Loss) (Unaudited) (Dollars and shares in millions, except per share data) Three Months Ended Nine Months Ended August 2, 2024 August 4, 2023 August 2, 2024 August 4, 2023 Net sales $ 1,156.9 $ 1,081.8 $ 3,507.8 $ 3,570.0 Cost of sales 754.1 709.4 2,307.5 2,322.0 Gross profit 402.8 372.4 1,200.3 1,248.0 Selling, general and administrative expense 254.7 240.2 776.0 760.6 Non-cash impairment charges — 151.3 — 151.3 Operating earnings (loss) 148.1 ( 19.1 ) 424.3 336.1 Interest expense ( 14.5 ) ( 15.0 ) ( 47.4 ) ( 43.8 ) Other income, net 10.6 5.5 26.6 21.3 Earnings (loss) before income taxes 144.2 ( 28.6 ) 403.5 313.6 Income tax provision (benefit) 24.9 ( 13.6 ) 74.5 54.2 Net earnings (loss) $ 119.3 $ ( 15.0 ) $ 329.0 $ 259.4 Basic net earnings (loss) per share of common stock $ 1.15 $ ( 0.14 ) $ 3.16 $ 2.48 Diluted net earnings (loss) per share of common stock $ 1.14 $ ( 0.14 ) $ 3.14 $ 2.46 Weighted-average number of shares of common stock outstanding — Basic 104.0 104.3 104.2 104.5 Weighted-average number of shares of common stock outstanding — Diluted 104.5 104.3 104.8 105.4 See accompanying Notes to Condensed Consolidated Financial Statements. THE TORO COMPANY AND SUBSIDIARIES Condensed Consolidated Statements of Comprehensive Income (Loss) (Unaudited) (Dollars in millions) Three Months Ended Nine Months Ended August 2, 2024 August 4, 2023 August 2, 2024 August 4, 2023 Net earnings (loss) $ 119.3 $ ( 15.0 ) $ 329.0 $ 259.4 Other comprehensive (loss) income, net of tax: Foreign currency translation adjustments 1.6 ( 2.0 ) 6.9 17.0 Derivative instruments, net of tax of $( 0.8 ); $( 0.2 ); $( 2.3 ); and $( 5.8 ), respectively ( 8.7 ) 0.6 ( 12.8 ) ( 14.5 ) Other comprehensive (loss) income, net of tax ( 7.1 ) ( 1.4 ) ( 5.9 ) 2.5 Comprehensive income (loss) $ 112.2 $ ( 16.4 ) $ 323.1 $ 261.9 See accompanying Notes to