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Investor Relations
Nicholas Rhoads
Director, Investor Relations
(952) 887-8865, nicholas.rhoads@toro.com

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

For Immediate Release

The Toro Company Reports Fiscal 2019 Results
Charles Machine Works Acquisition and Snow Products Contribute to Strong Q4 and Full-Year Performance
 
Full-year net sales increased 19.8% over prior fiscal year to a record $3.1 billion
Reported full-year diluted EPS up 1.2% over prior fiscal year; *Adjusted full-year diluted EPS up 12.4% over prior fiscal year
Charles Machine Works integration ahead of plan, and on track to deliver $30 million synergy target
Company issues fiscal 2020 guidance of adjusted EPS in the range of $3.33 to $3.40 per diluted share, representing up to 13.3% year-over-year growth at the high end of the range

BLOOMINGTON, Minn.--(BUSINESS WIRE)--Dec. 18, 2019
-- The Toro Company (NYSE: TTC) today reported results for its fourth quarter and full fiscal year ended October 31, 2019.
“We concluded fiscal 2019 by exceeding the $3 billion revenue milestone and delivering strong gross margin and revenue growth momentum heading into fiscal 2020,” said Richard M. Olson, Toro’s chairman and chief executive officer. “The year was marked by record results, the transformational acquisition of Charles Machine Works and strong demand for snow and ice management products in our professional and residential segments. New product introductions contributed to our growth, such as the stand-on BOSS® Snowrator®, the redesigned Power Clear® snow thrower and the Flex-Force™ lithium-ion battery-powered products with all season capability. I would like to thank our team and channel partners for their dedication, consistent execution, and continued focus on our end customers.”

Fiscal Year 2019 Financial Highlights
Net sales of $3,138.1 million, up 19.8% compared to fiscal 2018 net sales of $2,618.7 million
Net earnings of $274.0 million, up 0.8% compared to fiscal 2018 net earnings of $271.9 million; *Adjusted net earnings of $324.3 million, up 11.8% compared to fiscal 2018 adjusted net earnings of $290.1 million
Reported EPS of $2.53 per diluted share, up 1.2% compared to fiscal 2018 reported EPS of $2.50 per diluted share; *Adjusted EPS of $3.00 per diluted share, up 12.4% compared to fiscal 2018 adjusted EPS of $2.67 per diluted share
Returned $116.1 million to shareholders: $96.1 million in dividends and $20.0 million through share repurchases





The following information was filed by Toro Co (TTC) on Wednesday, December 18, 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-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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