Why Toro Stock Popped Today
Shares of outdoor maintenance equipment company The Toro Company (NYSE: TTC) popped on Wednesday after the company reported financial results for its fiscal fourth quarter of 2023. As of 11:30 a.m. ET, Toro stock was up 7%, but it has been up about 14% earlier in the trading session.
To be clear, Q4, which ended in October, wasn't necessarily great for Toro. Net sales dropped 16% year over year. Overstocked inventory and changes in consumer demand were the primary culprits here.
However, Toro's management already anticipated slow sales in Q4 and had made changes to boost profitability. On an adjusted basis, the company reported diluted earnings per share (EPS) of $0.71, which was down 36% year over year. But management had guided for a slightly larger drop. Therefore, its Q4 profit results looked relatively strong by comparison.
Source Fool.com
