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Toro Co (TTC) SEC Filing 10-Q Quarterly report for the period ending Friday, February 1, 2019

Toro Co

HISTORY TOOLS
CIK: 737758 Ticker: TTC


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Investor Relations
Heather Hille
Director, Investor Relations
(952) 887-8923, heather.hille@toro.com

Media Relations
Branden Happel
Senior Manager, Public Relations
(952) 887-8930, branden.happel@toro.com

For Immediate Release

The Toro Company Reports Record First Quarter Results

•
First quarter sales increase 10 percent to a record $603.0 million
•
Reported quarterly EPS of $0.55; adjusted quarterly EPS of $0.51, up 6.3 percent over comparable 2018 period adjusted EPS of $0.48, includes $0.03 acquisition related expenses
•
Strength of new products across the portfolio drove positive performance for the quarter

BLOOMINGTON, Minn. (February 21, 2019) - The Toro Company (NYSE: TTC) today reported net earnings of $59.5 million, or $0.55 per share, on a net sales increase of 10 percent to $603 million for its first quarter ended February 1, 2019. In the comparable fiscal 2018 period, the company delivered net earnings of $22.6 million, or $0.21 per share, on net sales of $548.2 million. Adjusted 2019 first quarter net earnings were $55.2 million, or $0.51 per share, compared to adjusted net earnings of $52.1 million, or $0.48 per share in the comparable 2018 period, an increase of 6.3 percent, including $0.03 of acquisition related expenses in the quarter.

“Our professional businesses delivered another good quarter, led by strength in landscape contractor sales, increased golf and grounds channel demand, and positive momentum in our BOSS® business,” said Richard M. Olson, Toro’s chairman and chief executive officer. “New products were again the key to success, as customers responded favorably to the latest lineup of our Exmark® Lazer®, and Radius® zero-turn riding mowers, and the BOSS® Stainless Steel XT V-Plow, which offers enhanced productivity and maneuverability for operators. Recent snow events in key regions also helped bolster sales of both professional and residential snow and ice management products in the quarter.”

“At recent industry trade shows, our team showcased several new products with the latest technology, designed to help our customers do their jobs more effectively. Key product lines like the Greensmaster® eTriFlex™ fully electric riding greensmower that effectively eliminates the potential for hydraulic leaks, while offering superior cutting performance, generated excitement among customers. The Outcross® 9060 continues to be a crowd favorite as customers learn more about the various attachments and versatility this machine offers to help address some of their biggest challenges. Our new Dingo® TXL 2000 also continues to impress with its vertical lifting capacity and telescoping arms for increased productivity and ease of use.”

“We are very excited about the recent announcement regarding the acquisition of Charles Machine Works, known as "The Underground Authority," with a portfolio of businesses including Ditch Witch®, and other leading brands in the underground construction market. As mentioned during our conference call last week, this acquisition will align very well with our strategic priorities and will naturally complement our existing business. Similarly, the cultural alignment, commitment to innovation and the importance of community shared by the two companies, should position us well for a successful integration."


The following information was filed by Toro Co (TTC) on Thursday, February 21, 2019 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Inside Toro Co's 10-Q Quarterly Report:

Financial Statements, Disclosures and Schedules

Inside this 10-Q Quarterly Report

Document And Entity Information
Condensed Consolidated Balance Sheets (Unaudited)
Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical)
Condensed Consolidated Statements Of Cash Flows (Unaudited)
Condensed Consolidated Statements Of Comprehensive Income (Unaudited)
Condensed Consolidated Statements Of Comprehensive Income (Unaudited) (Parenthetical)
Condensed Consolidated Statements Of Earnings (Unaudited)
Condensed Consolidated Statements Of Stockholders' Equity (Unaudited)
Condensed Consolidated Statements Of Stockholders' Equity (Unaudited) (Parenthetical)
Acquisitions
Basis Of Presentation
Basis Of Presentation (Policies)
Contingencies ??? Litigation
Derivative Instruments And Hedging Activities
Derivative Instruments And Hedging Activities (Tables)
Derivative Instruments And Hedging Activities - Effects Of Master Netting Arrangements (Details)
Derivative Instruments And Hedging Activities - Fair Value And Location Of Derivative Instruments (Details)
Derivative Instruments And Hedging Activities - Impact And Location Of Amounts Reclassified From Aocl And Impacts And Location On Oci (Details)
Derivative Instruments And Hedging Activities - Impact And Location Of Derivative Instruments For Derivatives Designated As Cash Flow Hedging And The Related Components Excluded From Effectiveness Testing (Details)
Derivative Instruments And Hedging Activities - Impact And Location Of Derivatives Not Designated As Cash Flow Hedging Instruments (Details)
Derivative Instruments And Hedging Activities - Narrative (Details)
Fair Value Measurements
Fair Value Measurements (Tables)
Fair Value Measurements - Fair Value Hierarchy (Details)
Goodwill And Other Intangible Assets
Goodwill And Other Intangible Assets (Tables)
Goodwill And Other Intangible Assets - Changes In Net Carrying Amount Of Goodwill (Details)
Goodwill And Other Intangible Assets - Components Of Other Intangible Assets (Details)
Inventories
Inventories (Tables)
Inventories - Schedule Of Inventory (Details)
Investment In Joint Venture
Investment In Joint Venture - Narrative (Details)
Per Share Data
Per Share Data (Tables)
Per Share Data - Reconciliations Of Basic And Diluted Weighted-Average Share (Details)
Revenue
Revenue (Tables)
Revenue - Contract Liabilities (Details)
Revenue - Disaggregation By Major Product Type And Geographic Market (Details)
Revenue - Performance Obligation (Details)
Revenue - Product Revenue, Service Revenue And Warrant Revenue Narrative (Details)
Segment Data
Segment Data (Tables)
Segment Data - Components Of Loss Before Income Taxes Included In Other (Details)
Segment Data - Narrative (Details)
Segment Data - Summarized Financial Information Of Reportable Segments (Details)
Stock-Based Compensation
Stock-Based Compensation (Tables)
Stock-Based Compensation - Compensation Costs Related To Stock-Based Awards Granted (Details)
Stock-Based Compensation - Performance Share Awards And Restricted Stock And Restricted Stock Unit Awards (Details)
Stock-Based Compensation - Stock Option Awards (Details)
Stockholders' Equity
Stockholders' Equity (Tables)
Stockholders' Equity - Components And Activity Of Accumulated Other Comprehensive Loss (Details)
Stockholders' Equity - Components Of Accumulated Other Comprehensive Loss (Details)
Subsequent Event (Details)
Subsequent Events
Warranty Guarantees
Warranty Guarantees (Tables)
Warranty Guarantees - Schedule Of Changes In Accrued Warranties (Details)

Material Contracts, Statements, Certifications & more

Toro Co provided additional information to their SEC Filing as exhibits

Exhibit 31.1: Rule 13A-14(A)/15D-14(A) Certification
Exhibit 31.2: Rule 13A-14(A)/15D-14(A) Certification
Exhibit 32: Section 1350 Certification
Ticker: TTC
CIK: 737758
Form Type: 10-Q Quarterly Report
Accession Number: 0000737758-19-000006
Submitted to the SEC: Wed Mar 06 2019 7:08:51 AM EST
Accepted by the SEC: Wed Mar 06 2019
Period: Friday, February 1, 2019
Industry: Lawn And Garden Tractors And Home Lawn And Gardens Equip

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