Toro slumps after third-quarter miss

Toro Co

07/09/2023 14:24

** Shares of turf maintenance equipment manufacturer Toro
 TTC.N  fall 12.26% to $87.50 premarket 
    ** Co posted Q3 net sales of $1.08 bln vs analysts' estimate
of $1.22 bln - LSEG data  
    ** Toro reported a net loss of $15 mln, or $0.14 per share,
in the third quarter, compared with a profit of $125.2 mln, or
$1.19 per share, a year earlier
   ** “During the third quarter, we experienced a sharp and
accelerated reduction in homeowner demand for residential and
professional segment lawn care products. This drove the
underperformance versus our expectations," said Chairman and CEO
Richard M. Olson
     ** Co enters strategic partnership with Lowe's  LOW.N ,
allowing the home improvement retailer to sell its top products
online and in stores, starting Spring 2024
    ** YTD, TTC down 11.90%

 (Reporting by Abhinav Parmar in Bengaluru)
 ((Abhinav.Parmar@thomsonreuters.com))