The Toro Company Reports Third Quarter Fiscal 2024 Results

The Toro Company (NYSE: TTC), a leading global provider of outdoor environment solutions, today announced results for its third fiscal quarter ended August 2, 2024.

“Our team executed with discipline, delivering top and bottom line growth in a very dynamic environment,” said Richard M. Olson, chairman and CEO. “We achieved substantial growth in our residential segment, driven by our strong mass channel, as anticipated following aggressive destocking last year and the strategic addition of Lowe’s this year. In our professional segment’s underground construction, golf and terrain businesses, we successfully increased production and deliveries to address continued demand and increased backlog. In both segments, we saw increased caution from homeowners and lawn care dealers as the summer progressed due to macro factors, resulting in lower than expected deliveries of residential and professional lawn care products to our dealer channel. However, we continued to make significant progress in reducing dealer field inventories of those products.