TTC - Why Toro Stock Is Moving Higher Today
2024-06-06 11:07:00 ET
Outdoor-equipment manufacturer Toro Co. (NYSE: TTC) beat expectations for the quarter and provided signs that its end markets are stabilizing. Investors were encouraged by the update, sending Toro shares up 8% as of 10 a.m. ET.
Toro is a maker of professional and residential lawn care and snow removal equipment, as well as construction machinery. The company earned $1.40 per share in its fiscal second quarter on revenue of $1.35 billion, topping Wall Street's $1.29 per share on a $1.34 billion consensus estimate.
Revenue was flat year over year and earnings were down, but that was expected. Toro experienced a wave of inventory restocking early last year that was unsustainable over the long term and is now waiting for dealers to work through all the inventory that was acquired.
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Why Toro Stock Is Moving Higher Today