Toro (TTC) Q1 FY2024 earnings: revenue $1.0 billion, down 12.8% on the year

Toro Co. (TTC) reported revenue of $1.0 billion for Q1 FY2024, the quarter ended 2 February 2024, down 12.8% on the same quarter a year earlier. Net income was $65 million, down 39.3% on the year, and diluted earnings per share $0.62. The figures are the company's own, from the 10-Q it filed with the SEC on 7 March 2024.

Revenue$1.0 billiondown 12.8%

Net income$65 milliondown 39.3%

Diluted EPS$0.62

QuarterQ1 FY2024ended 2 February 2024

The quarter, against the one before and a year earlier

Line	Q1 FY2024	Q4 FY2023	A year earlier	Change on the year
Revenue	1,002	983	n/a	n/a
Cost of revenue	657	654	n/a	n/a
Gross profit	344	330	n/a	n/a
Gross margin	34.4%	33.5%	n/a
Selling, general and administrative	256	235	n/a	n/a
Operating income	88.6	94.5	n/a	n/a
Operating margin	8.8%	9.6%	n/a
Interest expense	16.2	14.9	n/a	n/a
Pre-tax income	80.1	86.9	n/a	n/a
Income tax	15.2	16.6	n/a	n/a
Effective tax rate	19.0%	19.1%	n/a
Net income	64.9	70.3	n/a	n/a
Net margin	6.5%	7.2%	n/a
Diluted EPS	$0.62	$0.67	n/a	n/a

$ million except per share.

Fourth quarters are the year less the first three quarters. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow and capital returned

Line	Q1 FY2024	Q4 FY2023	A year earlier	Change on the year
Operating cash flow	-92.2	152	n/a	n/a
Capital expenditure	19.1	43.8	n/a	n/a
Free cash flow	-111	108	n/a	n/a
Free cash flow margin	-11.1%	11.0%	n/a
Cash from investing	-19.1	-38.5	n/a	n/a
Cash from financing	114	-65.1	n/a	n/a
Depreciation and amortisation	30.7	35.8	n/a	n/a
Share-based compensation	8.4	5.0	n/a	n/a
Buybacks	0.0	-0.0	n/a	n/a
Dividends paid	37.6	35.4	n/a	n/a
Dividend per share	$0.36	n/a	n/a	n/a
Diluted shares, weighted	105m	105m	n/a	n/a
Shares outstanding at period end	104m	104m	n/a	n/a

Cash flow lines for the quarter; where the company files them year to date, the quarter is the difference between two filings.

Balance sheet at quarter end

Line	Q1 FY2024	Q4 FY2023	A year earlier	Change on the year
Shareholders' equity	1,548	1,511	n/a	n/a
Debt	1,187	1,032	n/a	n/a
Operating lease liabilities	108	112	n/a	n/a
Other liabilities	958	990	n/a	n/a
Total liabilities and equity	3,801	3,644	n/a	n/a
Fixed assets	639	642	n/a	n/a
Goodwill	451	451	n/a	n/a
Intangible assets	532	540	n/a	n/a
Cash and equivalents	198	193	n/a	n/a
Receivables	489	407	n/a	n/a
Inventory	1,177	1,088	n/a	n/a
Other assets	314	323	n/a	n/a
Total assets	3,801	3,644	n/a	n/a

Quarterly results, the last 12 quarters

	Q4 FY2023 *	Q1 FY2024	Q2 FY2024	Q3 FY2024	Q4 FY2024 *	Q1 FY2025	Q2 FY2025	Q3 FY2025	Q4 FY2025 *	Q1 FY2026	Q2 FY2026	Q3 FY2026
Revenue	983	1,002	1,349	1,157	1,076	995	1,318	1,131	1,066	1,036	1,425	1,226
Cost of revenue	654	657	896	754	727	659	881	750	716	700	942	808
Gross profit	330	344	453	403	349	336	437	382	351	336	483	418
Gross margin	34%	34%	34%	35%	32%	34%	33%	34%	33%	32%	34%	34%
SG&A	235	256	265	255	240	258	262	236	258	249	288	260
Operating income	94.5	88.6	188	148	109	77.8	175	64.8	92.5	87.1	195	115
Operating margin	10%	9%	14%	13%	10%	8%	13%	6%	9%	8%	14%	9%
Interest expense	14.9	16.2	16.7	14.5	14.5	15.0	15.8	15.1	13.2	14.2	14.8	13.8
Pre-tax income	86.9	80.1	179	144	109	66.1	169	57.8	85.0	86.9	183	107
Tax rate	19%	19%	19%	17%	18%	20%	19%	7%	14%	22%	21%	28%
Net income	70.3	64.9	145	119	89.9	52.8	137	53.5	73.0	67.9	145	77.0
Net margin	7%	6%	11%	10%	8%	5%	10%	5%	7%	7%	10%	6%
Diluted EPS	$0.67	$0.62	$1.38	$1.14	$0.87	$0.52	$1.37	$0.54	$0.74	$0.69	$1.50	$0.81
Operating cash flow	152	-92.2	227	195	240	-48.6	172	226	313	26.1	267	183
Capital expenditure	43.8	19.1	20.4	24.1	39.9	19.1	19.3	18.6	26.7	11.5	16.5	23.1
Free cash flow	108	-111	207	171	200	-67.7	152	207	286	14.6	251	160
Buybacks	-0.0	0.0	10.0	99.2	136	100	100	90.0	0.0	94.9	190	73.0
Dividends paid	35.4	37.6	37.5	37.5	36.9	38.5	37.8	37.5	37.3	38.3	37.5	37.0
Shares outstanding	104m	104m	104m	103m	101m	100m	99m	98m	98m	97m	95m	95m
Filing	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q

Each quarter as filed, linked to its filing.

* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. A fourth quarter's EPS and diluted share count are from the company's results press release for that quarter, used where the release gives the same revenue and net income as the table. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and the share count are as they are. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

Source

10-Q for the period ended 2 February 2024, filed 7 March 2024, accession 0000737758-24-000022: the filing on EDGAR. All of Toro Co.'s filings: EDGAR company page.

The same record on your computer

GreekSoup is also a free program for your own computer. It reads these same filings for the names you follow, refreshed as they land, with no account. One pasted line installs it.

Install