托罗配件发布2025财年展望，住宅板块承压成关键观察点

Core Viewpoint - Toro Company (TTC) anticipates a flat to 3% decline in total sales for the fiscal year 2025, with adjusted earnings per share (EPS) projected at approximately $4.15, indicating a challenging environment particularly in the residential segment while the professional segment remains healthy [1][2]. Performance Overview - The company plans to release its full-year financial report around December 2025. The management's outlook for fiscal year 2025 includes total sales expected to be flat to a 3% decline, with adjusted EPS around $4.15, reflecting the lower end of the range. The professional segment, including underground construction and golf equipment, benefits from infrastructure investments and increased golf participation, maintaining healthy demand. Conversely, the residential segment faces pressure due to homeowners delaying large purchases, making its recovery a key observation point [2]. Strategic Initiatives - The company will continue to launch new products, such as Toro Spatial irrigation software and electric and autonomous equipment like the Ventrac 45RC remote tractor and GeoLink MOW autonomous mower, which will influence future growth. The AMP productivity initiative aims to achieve annual savings of $100 million by 2027, with $75 million already realized by the third quarter of 2025, directly impacting profit margins. The company expects tariff impacts of approximately $45 million for fiscal year 2025 and is working to offset this through pricing and productivity improvements, making progress in this area noteworthy [3]. Future Development - Macro factors such as changes in interest rate policies and fluctuations in consumer confidence, particularly their potential impact on residential segment demand, are external risks that require ongoing attention. The company has optimized and cleared channel inventory in the residential segment in preparation for the 2026 sales season, with future inventory health expected to reflect true demand conditions [4].