The Toro Company (NYSE: TTC), a leading worldwide provider of innovative solutions for the outdoor environment, today reported results for its fiscal third quarter ended August 4, 2023. In a separate news release, the company also announced a new strategic partnership with Lowe's (NYSE:LOW).
Third-quarter net sales proved to be $1.08 billion, compared to $1.16 billion in the comparable period of fiscal 2022.
Third-quarter adjusted diluted EPS proved to be $0.95, compared to $1.19 in the comparable period of fiscal 2022. Revises full-year adjusted diluted EPS guidance to a range of $4.05 to $4.10.
For the fiscal year ending October 31, 2023, the company now expects net sales similar to slightly higher than the prior fiscal year, and adjusted diluted EPS in the range of $4.05 to $4.10.
Toro and Lowe’s today announced a strategic retail partnership through which Lowe's will carry Toro zero-turn riding mowers, walk mowers, portable power equipment and snow blowers in both the gas and rapidly expanding battery categories.
The Toro product lineup will be available at all Lowe's stores nationwide and online for the spring 2024 selling season. As the leading retailer of outdoor power equipment, Lowe's adds Toro as a market leader in all-season solutions for the outdoor environment.
TTC shares staggered $13.34, or 13.4%, to $86.45, while LOW shares gained $1.29 to $230.91.
