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Earnings Highlights and Review: Toro Reported Record Quarterly Sales; Earnings Jumped 15%
LONDON, UK / ACCESSWIRE / June 19, 2017 / Pro-Trader Daily publishes post-earnings coverage ...
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[{"type":"text","content":"Earnings Highlights and Review: Toro Reported Record Quarterly Sales; Earnings Jumped 15%LONDON, UK / ACCESSWIRE / June 19, 2017 / Pro-Trader Daily publishes post-earnings coverage on The Toro Co. (NYSE: TTC) following the Company's announcement of its second quarter fiscal 2017 financial results on May 25, 2017. The landscaping, maintenance and irrigation equipment maker outperformed top- and bottom-line expectations. Our daily stock reports are accessible for free, and with those to look forward today you also will be signing up for a complimentary member's account at:\nhttp://protraderdaily.com/register/ \nAt Pro-TD, we make it our mission to bring you news that matter about the stock you follow. Today, our research desk covers a blog story on TTC. With the links below you can directly download the report of your stock of interest free of charge at:\nhttp://protraderdaily.com/optin/?symbol=TTC \nEarnings Reviewed\n \nToro reported an increase of 4.3% to record net sales of $872.8 million for its fiscal 2017 second quarter ended May 05, 2017, compared to net sales of $836.4 million in Q2 FY16. The Company's revenue numbers surpassed analysts' expectations of $848.1 million.\nFor Q2 FY17, Toro reported gross margin as a percent of sales of 36.2%, which was consistent with Q2 FY16 gross margin of 36.2%. The Company stated that productivity improvements were offset by commodity headwinds and the impacts of segment mix, which contributed to the quarterly results. Toro's selling, general, and administrative (SG&A) expense as a percent of sales for the reported quarter was 18.0%, reflecting an increase of 30 basis points from the year ago same period, attributed to higher incentive and warranty costs. During Q2 FY17, Toro's operating earnings as a percent of sales totaled 18.3%, representing a drop of 20 basis points on a y-o-y basis.\nToro reported net earnings of $120.5 million, or $1.08 per share, for Q2 FY17 compared to net earnings of $105.7 million, or $0.94 per share, for Q2 FY16. The Company's earnings numbers were better than Wall Street's expectations of $1.03 per share.\nSegment Results\nDuring Q2 FY17, Toro's Professional segment's net sales totaled $610.9 million, up 2.6% compared to net sales of $595.2 million in Q2 FY16, driven by strong demand for products in the Company's golf equipment and rental businesses. Pr...