By Dean Seal
Toro said it expects sales to rise by up to 1% in the fiscal year that started last month as it continues to work through high dealer inventories.
The lawnmower maker gave guidance on Wednesday for sales to rise no more than 1% in fiscal 2025 and potentially come in flat-year-over-year.
Adjusted full-year earnings, which strip out one-time items, are projected to hit $4.25 to $4.40 a share. Analysts polled by FactSet had been forecasting $4.58 a share.
The outlook assumes consumers and channel partners will continue to be cautious due to macroeconomic factors, according to Toro. Chief Executive Richard Olson said inventories in its lawn-care unit and its snow and ice-management business "remain higher than ideal."
Shares fell 9% to $77.60 in premarket trading.
For the quarter ended Oct. 31, Toro posted a profit of $89.9 million, or 87 cents a share, compared with $70.3 million, or 67 cents a share, in the same period a year ago.
Adjusted earnings of 95 cents a share were in line with analyst expectations, according to FactSet.
Sales rose 9% to $1.08 billion, below analyst estimates of $1.09 billion. Revenue from both its professional and residential segments were driven up by higher shipments of golf and grounds products, underground construction equipment and lawn-care products.
Write to Dean Seal at dean.seal@wsj.com
(END) Dow Jones Newswires
December 18, 2024 09:00 ET (14:00 GMT)
Copyright (c) 2024 Dow Jones & Company, Inc.
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