By Dean Seal
Toro logged a smaller profit in its fiscal first quarter as sales of residential products declined.
The Bloomington, Minn., lawn-mower maker on Thursday posted a profit of $52.8 million, or 52 cents a share, for the quarter ended Jan. 31, compared with $64.9 million, or 62 cents a share, in the same period a year earlier.
Stripping out one-time items, adjusted earnings were 65 events a share. That's 2 cents higher than what analysts polled by FactSet had expected.
Sales slid 1% to $995 million, rather than ticking up slightly to $1.01 billion as projected.
Toro said sales in its professional segment were up 1.6% at $768.8 million from higher shipments of golf and grounds products and zero-turn mowers, as well as higher prices.
Residential sales meanwhile fell 8% to $221 million from fewer shipments of snow products and portable power products, along with higher sales promotions and incentives.
Margins meanwhile slipped due to higher material and manufacturing costs, which were partially offset by some productivity improvements.
Toro is sticking by its guidance for fiscal 2025 sales to be between flat and up 1% year over year. The outlook doesn't include the impacts of Donald Trump's tariff war with Mexico and Canada, the company said.
Write to Dean Seal at dean.seal@wsj.com
(END) Dow Jones Newswires
March 06, 2025 08:55 ET (13:55 GMT)
Copyright (c) 2025 Dow Jones & Company, Inc.
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