The Toro Company (NYSE:TTC) earnings for the turf maintenance and equipment company’s fourth quarter of 2019 have TTC stock falling on Wednesday. This comes after reporting adjusted per-share earnings of 48 cents. That’s above Wall Street’s estimate of 46 cents per share. The problem comes from revenue of $734.38 million. This is below analysts’ estimates of $745.04 million.
Now for a closer look at the current The Toro Company earnings report.
- Adjusted earnings per share are up 50% from 32 cents in the fourth quarter of 2018.
- Revenue comes in 36.17% above the $539.30 million reported during the same time last year.
- Operating income of $43.31 is roughly 1% better than the $43.00 million from the same period of the year prior.
- The Toro Company earnings report also includes a net income of $38.27 million.
- That’s a 1.97% drop from the company’s net income of $39.04 million in Q4 2018.
Richard Olson, Chairman and CEO of The Toro Company, says this about the TTC stock earnings.
“We concluded fiscal 2019 by exceeding the $3 billion revenue milestone and delivering strong gross margin and revenue growth momentum heading into fiscal 2020. The year was marked by record results, the transformational acquisition of Charles Machine Works and strong demand for snow and ice management products in our professional and residential segments.”
The Toro Company earnings report also includes its outlook for 2020. That includes adjusted EPS in the range of $3.33 to $3.40 on revenue of roughly $3.60 billion. Wall Street’s estimates call for adjusted EPS of $3.35 on revenue of $3.15 billion.
TTC stock was down 7.04% as of Wednesday afternoon.
As of this writing, William White did not hold a position in any of the aforementioned securities.