Toro未能达标：尽管销售额增长了15年，但第四季度的收益令人失望

Toro公司（NYSE:TTC）股价在公司报告的2024年第四季度销售和收益低于预期后下跌。

季度销售收入同比增长9%达到10.76亿美元，低于预期的10.9亿美元。调整后的每股收益(EPS)为0.95美元（同比增长34%），低于预期的0.96美元。

住宅部门销售额同比增长4.5%至1.551亿美元，主要得益于草坪护理产品的出货量，尽管雪产品的出货量减少。该部门报告亏损1380万美元，较去年450万美元的利润有所下降，原因是尽管生产率有所提高，但成本和费用增加。

专业部门销售额同比增长10.3%至9.139亿美元，主要通过高尔夫、园区和建筑设备的销售推动，但紧凑型装载机和雪产品的出货量下降。这一部门的收益增长了36.3%至1.697亿美元（占销售额的18.6%），受到生产率、销售杠杆和价格上涨的推动，尽管成本增加。

季度调整后的毛利率从去年的33.6%下降至32.3%，受到尽管生产率提高但成本增加的影响。

季度调整后的营业利润率为10.9%，高于去年同期的10.1%。截至10月31日，现金和等价物为1.995亿美元。

“我们在一个极其动态的环境中实现了连续15年的净销售额增长，”董事长兼首席执行官Richard M. Olson评论道。

“我们有良好的定位能够在我们有吸引力的最终市场中抓住未来的增长机会，同时推动盈利能力的提高。我们的重大生产率提高计划（名为AMP）开局良好，我们有望在2027财年之前实现1亿美元的年度成本节约目标，”Olson补充道。

2025财年展望：Toro预计公司净销售额增长在0%到1%之间，调整后的每股收益为4.25美元到4.40美元，低于预期的4.58美元。

股价变动：截止周三最后一次检查时，TTC股价下跌3.34%，至82.46美元。

The Toro Company (NYSE:TTC) shares are trading lower after the company reported worse-than-expected fourth-quarter 2024 sales and earnings.

The quarterly sales increased 9% year-over-year to $1.076 billion, missing the consensus of $1.09 billion. Adjusted EPS of $0.95 (+34% YoY), missing the consensus of $0.96.

Residential segment sales rose 4.5% YoY to $155.1 million, driven by lawn care shipments despite lower shipments of snow products, and reported the segment loss of $13.8 million, down from $4.5 million profit last year, due to higher costs and expenses despite productivity gains.

Professional segment sales rose 10.3% YoY to $913.9 million, driven by golf, grounds, and construction equipment sales, offset by lower compact loader and snow product shipments. Professional segment earnings rose 36.3% to $169.7 million (18.6% of sales), driven by productivity, sales leverage, and pricing gains despite higher costs.

Adjusted gross margin for the quarter decreased to 32.3% from 33.6% last year, impacted by higher costs despite productivity gains.

Adjusted operating margin for the quarter was 10.9%, up from 10.1% in the same period last year. As of October 31, cash and equivalents stood at $199.5 million.

“We delivered our 15th consecutive year of net sales growth in what remained an extremely dynamic environment,” commented Richard M. Olson, chairman and chief executive officer.

“We are well-positioned to capitalize on future growth opportunities in our attractive end markets, while simultaneously driving profitability improvement. Our significant productivity initiative, named AMP, is off to a great start, and we remain on track to deliver $100 million in run-rate cost savings by fiscal 2027,” added Olson.

FY25 Outlook: Toro expects company net sales growth to be in the range of 0% -1 % and adjusted EPS of $4.25 – $4.40 versus the $4.58 estimate.

Price Action: TTC shares are trading lower by 3.34% At $82.46 at the last check Wednesday.