Toro hits three-month low after slashing annual forecast

Toro Co

05/09/2024 16:50

** Shares of turf and landscape equipment seller Toro
 TTC.N  fall 11.6% to $81.7, hitting a three-month low
    ** Co cuts FY24 adj. diluted EPS forecast to $4.15 - $4.20
from previous forecast of $4.25 - $4.35 
    ** Company posts Q3 adj. earnings of $1.18​​/share, below
analysts' estimates of $1.22/shr - LSEG data
    ** Reports quarterly revenue of $1.16 bln, missing LSEG
estimates of $1.26 bln
    ** Says increased caution due to macro factors drove
lower-than-expected shipments to dealers, affecting residential
and professional business segments
    ** Three of eight brokerages rate the stock "buy" and five
"hold"; their median PT is $102
    ** Including session moves, TTC down 16.1% YTD

 (Reporting by Nikhil Sharma in Bengaluru)
 ((Nikhil.Sharma@thomsonreuters.com;))