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Toro Company (TTC-1.78%) has submitted its Form 10-K filing for the fiscal year ended October 31, 2024.
The filing reports consolidated net sales of $4,583.8 million, a 0.7% increase from the previous year. The Professional segment accounted for 77.6% of net sales, while the Residential segment contributed 21.8%.
The Professional segment saw a 3.2% decrease in net sales, totaling $3,556.9 million, primarily due to lower shipments of lawn care equipment and snow and ice management products.
The Residential segment experienced a 16.9% increase in net sales, reaching $998.3 million, driven by higher shipments of lawn care products to mass channel partners.
Gross margin for the year was 33.8%, down from 34.6% in the previous year, attributed to higher material and manufacturing costs.
Net earnings for fiscal 2024 were $418.9 million, or $4.01 per diluted share, compared to $329.7 million, or $3.13 per diluted share, in fiscal 2023.
Toro Company reported a decrease in order backlog to $1.2 billion from $2.0 billion in the prior year, reflecting improved manufacturing output.
The company repurchased 2,777,534 shares of common stock for $245.5 million during the fiscal year and declared quarterly cash dividends totaling $1.44 per share.
As of October 31, 2024, Toro Company maintained a strong liquidity position with $199.5 million in cash and cash equivalents and $897.3 million available under its revolving credit facility.
The company launched the AMP initiative, aiming for annualized cost savings of over $100 million by fiscal 2027, with $3.8 million in cost savings recognized as of October 31, 2024.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Toro Company annual 10-K report dated December 18, 2024. To report an error, please email earnings@qz.com.