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HomeBreaking NewsToro Co. profit nearly doubles and adjusted earnings beat target, but revenue...

Toro Co. profit nearly doubles and adjusted earnings beat target, but revenue falls slightly short

'Quick read' news summary

Toro Co. TTC, +0.96% said Wednesday its fourth-quarter net income nearly doubled to $117.6 million, or $1.12 a share, from $60.1 million, or 56 cents a share, in the year-ago quarter. Adjusted profit at the lawn mower maker rose to $1.11 a share from 56 cents a share. Analysts expected Toro to earn $1.08 a share, according to estimates compiled by FactSet. Toro’s fourth-quarter revenue rose to $1.17 billion from $960.7 million last year. The latest figure was just shy of the analyst consensus estimate of $1.18 billion in revenue for the fourth quarter. For fiscal 2023, Toro expects adjusted earnings of $4.70 a share to $4.90 a share, compared to the analyst estimate of $4.84 a share. Shares of Toro fell 1.8% in premarket trades.

Toro Co. TTC, +0.96% said Wednesday its fourth-quarter net income nearly doubled to $117.6 million, or $1.12 a share, from $60.1 million, or 56 cents a share, in the year-ago quarter. Toro's fourth-quarter revenue rose to $1.17 billion from $960.7 million last year. For fiscal 2023, Toro expects adjusted earnings of $4.70 a share to $4.90 a share, compared to the analyst estimate of $4.84 a share.

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