Here's Why The Toro Company Stock Plunged Today
Shares of outdoor equipment business The Toro Company (NYSE: TTC) plunged on Thursday after management noted a sharp decline in demand during its fiscal third quarter of 2023. As of 3 p.m. ET, Toro stock was down almost 14%.
In Q3, net sales for Toro fell 7% year over year to $1.08 billion. The decline was entirely attributable to the company's residential business segment, which saw a massive 35% pullback in net sales. Net sales for its larger professional segment were up 1%.
On the bottom line, Toro disappointed as well. In Q3, the company had a net loss of $15 million -- its first quarterly net loss in more than a decade. However, this is due to a huge $151 million impairment charge related to its acquisition of Intimidator Group.
Source Fool.com
