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Toro Company (TTC+1.20%) has submitted its 10-Q filing for the quarterly period ended January 31, 2025.
The filing includes financial statements for the quarter, showing net sales of $995.0 million, a slight decrease from $1,001.9 million in the same quarter the previous year. This decrease was primarily due to lower shipments in the Residential segment and the divestiture of the Pope Products business.
Professional segment net sales increased by 1.6% to $768.8 million, driven by higher shipments of golf and grounds products and zero-turn mowers.
Residential segment net sales decreased by 8.0% to $221.0 million, mainly due to lower shipments of snow and portable power products.
Net earnings for the quarter were $52.8 million, or $0.52 per diluted share, compared to $64.9 million, or $0.62 per diluted share, in the previous year. The decrease was attributed to higher productivity initiative charges and lower Residential segment earnings.
The company reported adjusted net earnings of $65.9 million, or $0.65 per diluted share, compared to $66.5 million, or $0.64 per diluted share, in the previous year.
Cash provided by financing activities was $44.6 million, while cash used in operating and investing activities was $48.6 million and $19.1 million, respectively.
Toro Company had a working capital of $1,896.2 million as of January 31, 2025. The company continues to focus on maintaining inventory levels to meet production requirements and demand for its products.
The filing also details various financial agreements, including inventory financing arrangements with Red Iron and other third-party financial institutions.
Toro Company increased its quarterly cash dividend by 5.6% to $0.38 per share and repurchased 1,240,496 shares of its common stock during the quarter.
The company continues to implement its AMP initiative, aimed at achieving annualized cost savings of more than $100 million by fiscal 2027.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Toro Company quarterly 10-Q report dated March 6, 2025. To report an error, please email earnings@qz.com.