Toro Sales Up for Fiscal Q4, 2021

Toro has reported results for its fiscal fourth-quarter and full-year periods ended October 31, revealing double-digit net sales growth both for the quarter and full-year.

“We delivered these solid results, despite global supply chain challenges and inflationary pressures," said Richard M. Olson, chairman and CEO. "Once again, with great resolve our employees and channel partners collaborated to serve the needs of our customers."

Q4 fiscal 2021 highlights

Net sales of $960.7 million, up 14.2 percent from $841.0 million in the fourth quarter of fiscal 2020.
Net earnings of $60.1 million, down 16.7 percent from $72.2 million in the fourth quarter of fiscal 2020; *adjusted net earnings of $59.7 million, down 13.7 percent from $69.2 million in the fourth quarter of fiscal 2020.
Reported EPS of $0.56 per diluted share versus $0.66 per diluted share in the fourth quarter of fiscal 2020; *adjusted EPS of $0.56 per diluted share versus $0.64 per diluted share in the fourth quarter of fiscal 2020.

Full-year fiscal 2021 highlights

Net sales of $3.96 billion, up 17.2 percent from $3.38 billion last year.
Net earnings of $409.9 million, up 24.3 percent from $329.7 million last year; *adjusted net earnings of $392.7 million, up 19.8 percent from $327.7 million in fiscal 2020.
Reported EPS of $3.78 per diluted share, up 24.8 percent from $3.03 per diluted share last year; *adjusted EPS of $3.62 per diluted share, up 19.9 percent from $3.02 per diluted share in fiscal 2020.
Deployed $100.0 million to pay down debt and returned $414.7 million to shareholders through regular dividends of $112.4 million and share repurchases of $302.3 million. As of October 31, 2021, the company had ample liquidity of $1.0 billion.

Outlook

“As we enter the new fiscal year, we continue to see robust demand for our innovative products and remain focused on serving our customers,” Olson said. “We are encouraged by the benefits we are realizing from our productivity initiatives and pricing actions. At the same time, we anticipate the challenging macro environment will continue for at least the near term. We will remain focused on managing our expenses prudently, while also prioritizing investments that support long-term, sustainable growth across our businesses."

Source: Toro