LOW - Why Toro Shares Are Sliding Today? | Benzinga
The Toro Co (NYSE: TTC) shares are trading lower by around 13% after the company reported worse-than-expected Q3 results and cut its FY23 guidance.
The company reported a sales decline of 7% Y/Y to $1.08 billion, missing the consensus of $1.22 billion.
Adjusted EPS of $0.95 (-20% Y/Y) missed the consensus of $1.24.
"The softness in homeowner demand was driven by a combination of macro factors, including economic uncertainty, higher interest rates, and consumer spending preferences following a period of exceptional demand during the pandemic, along with unusually unfavorable weather patterns...Macro ...