3Q Results Helped by Charles Machine Works
The Toro Company (TTC) closed its largest acquisition in history on April 1 with the purchase of Charles Machine Works (CMW) for about $700 million in cash. CMW was a producer of underground construction equipment primarily used for pipe and cable installation. Toro’s fiscal third quarter results released on 8/22/2019 reflect a full quarter with CMW included, and four months out of nine with CMW included for fiscal 2019 YTD. (Toro’s fiscal year runs from November to October.)
The legacy Toro businesses produced a mixed bag