Toro Co (NYSE:TTC) shares moved slightly lower, on quarterly numbers released Wednesday.
Net sales came in at $841.0 million, up 14.5% from $734.4 million in the fourth quarter of fiscal 2019.
Net earnings proved to be $72.2 million, up 88.7% from $38.3 million in the fourth quarter of fiscal 2019; *Adjusted net earnings of $69.2 million, up 33.5% from $51.8 million in the fourth quarter of fiscal 2019.
The company reported EPS of $0.66 per diluted share, up 88.6% from $0.35 per diluted share in the fourth quarter of fiscal 2019; Adjusted EPS was $0.64 per diluted share, up 33.3% from $0.48 per diluted share in the fourth quarter of fiscal 2019.
As of October 31, 2020, the company had liquidity of about $1.1 billion.
CEO Richard Olson commented, "Our strong fourth-quarter results were driven by continued sales growth in our residential segment and a rebound in our professional segment.
"Residential sales were robust across all channels with strong demand for our new product lineup, accentuated by refreshed branding, an extended selling season, and stay-at-home trends. Improved demand for our professional products reflected greater business confidence from our customers and increased home investments."
The company is providing full-year fiscal 2021 guidance based on current visibility, although there continues to be considerable uncertainty given the potential effects of COVID-19 on demand levels and timing, its supply chain and the broader global economy.
TTC shares lost 31 cents to $92.25.
