TORO REPORT STRONG Q4 AND FULL YEAR RESULTS

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The Toro Company this week reported results for its fiscal fourth-quarter and full-year periods ended October 31, 2020.

The company says that Q4 net sales were $841 million, which is up 14.5% year over year.

Whilst full-year net sales for 2020 were $3.38 billion, which is up 7.7% versus last year. The residential segment net sales were up 24.1%.

“Our strong fourth-quarter results were driven by continued sales growth in our residential segment and a rebound in our professional segment,” said Richard M. Olson, chairman and chief executive officer.

“Residential sales were robust across all channels with strong demand for our new product lineup, accentuated by refreshed branding, an extended selling season, and stay-at-home trends. Improved demand for our professional products reflected greater business confidence from our customers and increased home investments. The integration of our Venture Products acquisition added another strong brand with multi-season products, contributing incremental sales in the quarter.

“Our momentum and continued investments position us well for success in the new fiscal year,” continued Olson. “We have a strong portfolio of businesses and deep customer relationships, a dedicated team and channel partners, and innovative products and emerging technologies aligned with customer needs. We will remain sharply focused on business execution as we continue to face uncertainty due to the ongoing pandemic."

FOURTH-QUARTER FISCAL 2020 FINANCIAL HIGHLIGHTS

• Net sales of $841.0 million, up 14.5% from $734.4 million in the fourth quarter of fiscal 2019.
• Net earnings of $72.2 million, up 88.7% from $38.3 million in the fourth quarter of fiscal 2019; *Adjusted net earnings of $69.2 million, up 33.5% from $51.8 million in the fourth quarter of fiscal 2019.

FULL-YEAR FISCAL 2020 FINANCIAL HIGHLIGHTS

• Net sales of $3.38 billion, up 7.7% from $3.14 billion in fiscal 2019.
• Net earnings of $329.7 million, up 20.3% from $274.0 million in the prior-year period; *Adjusted net earnings of $327.7 million, up 1.1% from $324.3 million in fiscal 2019.

OUTLOOK

The company is providing full-year fiscal 2021 guidance based on current visibility, although there continues to be considerable uncertainty given the potential effects of COVID-19 on demand levels and timing, its supply chain and the broader global economy.

For fiscal 2021, management expects total net sales growth in the range of 6.0% to 8.0% and *adjusted EPS in the range of $3.35 to $3.45 per diluted share. This estimated adjusted diluted EPS range excludes the benefit of the excess tax deduction for share-based compensation.