"We executed well in the second quarter, delivering results aligned with our expectations and achieving record net sales," said Richard M. Olson, chairman and chief executive officer. "We realized exceptional growth in our residential segment due to our strong mass channel, successful new product introductions, and better weather conditions compared to last year. Our quarterly results also reflect growth in our professional segment's underground and specialty construction, and golf and grounds businesses. F ...

Financial Data and Key Metrics Changes - Professional segment earnings for the first quarter were $112.8 million, down from $144.1 million last year, with earnings as a percentage of net sales at 14.9%, compared to 16.4% last year [2] - Interest expense for the quarter was $16.2 million, up $2.1 million from last year, primarily due to higher average interest rates and outstanding borrowings [3] - Consolidated net sales for the quarter were just over $1 billion, a decrease of 12.8% compared to last year, with adjusted diluted EPS at $0.64, down from $0.98 [95] Business Line Data and Key Metrics Changes - Professional segment net sales for the first quarter were $756.5 million, down 14.1% year-over-year, primarily due to lower shipments of zero-turn mowers and snow products [39] - Residential segment net sales for the first quarter were $240.1 million, down 9.3% compared to last year, driven by lower shipments of snow products and zero-turn mowers [83] - Adjusted gross margin for the quarter was 34.4%, slightly down from 34.5% in the same period last year, primarily due to unfavorable product mix within the residential segment [96] Market Data and Key Metrics Changes - The company expects continued strength in demand for underground and specialty construction products, supported by private and public spending addressing global issues [88] - For golf, the company anticipates sustained demand driven by new golfers and rounds played, with U.S. rounds played at the highest ever [17] - The company expects retail demand for landscape contractors to remain steady, with some price sensitivity, while homeowner demand is expected to stabilize in spring [18] Company Strategy and Development Direction - The company plans to fund $125 million in capital expenditures for new product investments and advanced manufacturing technologies [4] - The AMP initiative aims to deliver at least $100 million of annualized savings by fiscal 2027, focusing on productivity and operational excellence [10][16] - The company is committed to sustainability and innovation, developing products that drive productivity and reduce environmental impact [94] Management's Comments on Operating Environment and Future Outlook - Management is closely monitoring business and consumer confidence, spending patterns, and macroeconomic factors such as inflation and geopolitical events [7] - The company reaffirms its full-year fiscal 2024 net sales and adjusted diluted EPS guidance, expecting low single-digit total company net sales growth [42] - Management expressed confidence in the ability to drive long-term growth through strategic investments and maintaining a strong balance sheet [11][41] Other Important Information - Accounts receivables were $489.1 million, up 29.6% from a year ago, primarily due to timing of shipments [13] - Inventory was $1.18 billion, up 4% compared to last year, driven by higher finished goods balances [13] - Free cash flow in the quarter was a $111.3 million use of cash, primarily due to aligning production and inventory levels to demand [97] Q&A Session Summary Question: Clarification on DSOs and share repurchase activity - Management confirmed that DSOs were up due to initial sell-in to Lowe's and noted no share repurchase activity in the quarter, focusing on paying down the revolver first [23][52] Question: Outlook for the second half of the year - Management expressed confidence in the second half, expecting improved field inventory and increased output to address backlog [25] Question: Update on order patterns and cancellations - Management reported no significant order cancellations and noted healthy order growth, with slight progress in reducing backlog [104][130] Question: Insights on the underground business and market demand - Management highlighted strong market demand for underground and specialty construction, driven by significant funding for broadband and infrastructure projects [110][136] Question: Working capital trends and inventory management - Management expects to see working capital improvement throughout the year, with a focus on reducing inventory levels [146]

| --- | --- | --- | |--------------------------|-------|-------| | | | | | | | | | | | | | | | | | | | | | | | | | THE TORO | | | | COMPANY | | | | Q1 2024 EARNINGS RELEASE | | | | March 7, 2024 | | | | | | | | | | | The Toro Company: 4 Q1 2024 EARNINGS RELEASE THE TORO COMPANY Q1 2024 Key Messages 2 Our multi-year productivity initiative, "AMP," is off to a great start and we are on track to deliver more than $100 million in annualized cost savings by fiscal 2027 Decrease was primarily due to lower shipmen ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Exact name of registrant as specified in its charter) State or Other Jurisdiction of Incorporation or Organization Delaware 41-0580470 I.R.S. Employer Identification No. 8111 Lyndale Avenue South Bloomington, Minnesota 55420-1196 Telephone Number: (952) 888-8801 (Address, including zip code, and telephone number, including area code, of registrant's principal executive offices) Securities registered pursuant ...

Investor Relations Jeremy Steffan Director, Investor Relations (952) 887-7962, jeremy.steffan@toro.com Media Relations Branden Happel Senior Manager, Public Relations (952) 887-8930, branden.happel@toro.com For Immediate Release The Toro Company Reports Results for the First Quarter of Fiscal 2024 Continued Strength in Demand Across Construction, and Golf and Grounds Markets Company Reaffirms Full-Year Fiscal 2024 Guidance BLOOMINGTON, Minn.—(BUSINESS WIRE) — March 7, 2024—The Toro Company (NYSE: TTC), a le ...

The Toro Company (NYSE:TTC) Q4 2023 Earnings Conference Call December 20, 2023 11:00 AM ET Company Participants Julie Kerekes - Treasurer and Senior Managing Director of Global Tax and Investor Relations Rick Olson - Chairman and Chief Executive Officer Angie Drake - Vice President and Chief Financial Officer Jeremy Steffan - Director of Investor Relations Conference Call Participants Sam Darkatsh - Raymond James Tim Wojs - Baird Tom Hayes - CL King David MacGregor - Longbow Research Eric Bosshard - Clevela ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K ☒ Annual Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the Fiscal Year Ended October 31, 2023 or ☐ Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the Transition Period from to Commission file number: 1-8649 THE TORO COMPANY (Exact name of registrant as specified in its charter) (State or Other Jurisdiction of Incorporation or Organization) Delawa ...

The Toro Company (NYSE:TTC) Q3 2023 Earnings Conference Call September 7, 2023 11:00 AM ET Company Participants Julie Kerekes - Treasurer and Senior Managing Director of Global Tax and Investor Relations Rick Olson - Chairman and Chief Executive Officer Angie Drake - Vice President and Chief Financial Officer Jeremy Steffan - Director of Investor Relations Conference Call Participants Michael Shlisky - D.A. Davidson & Company Tim Wojs - Baird Eric Bosshard - Cleveland Research Company Tom Hayes - C.L. King ...

8 a a COMPANY THE TORO Q3 2023 EARNINGS RELEASE September 7, 2023 Safe Harbor This presentation contains forward-looking statements, which are being made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are based on management's current assumptions and expectations of future events and often can be identified by words such as "believe," "forward," "future," "goal," "guidance," "improve," "may," "outlook," "plan," "should," "targ ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☒ Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the Quarterly Period Ended August 4, 2023 ☐ Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 8111 Lyndale Avenue South Bloomington, Minnesota 55420-1196 Telephone Number: (952) 888-8801 (Address, including zip code, and telephone number, including area code, of registrant's pri ...