Agro Sector Ideas

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>>> Agriculture Stock #5: Toro Co. (TTC) - was founded in 1914 as an engine manufacturer, providing power to early tractors. The company quickly shifted focus to mowers and in the century since, it has grown to $4.5 billion in annual revenue. Toro operates in North America as well as internationally, with three quarters of total revenue coming from the U.S.


https://www.suredividend.com/agriculture-stocks/


In January 2022, Toro acquired the Intimidator Group. The acquisitions added the complementary Spartan line of professional zero-turn mowers to Toro’s roster. The addition of the Intimidator Group to Toro’s business positions them well to gain customers and geographic exposure. The purchase was completed with cash on hand and existing credit facilities.

On December 13th, 2022, Toro increased its dividend for the 14th consecutive year, by 13% to $0.34 per share quarterly. Toro reported fourth quarter and FY 2022 results on December 21st, 2022. Q4 net sales improved 22% year-over-year to $1.17 billion. Adjusted earnings per diluted share increased 98% to $1.11 in Q4 2022. Adjusted operating margin for the quarter was 12.8%, unchanged from the same prior-year period.

Leadership initiated their fiscal 2023 outlook which guides for net sales growth of 7% to 10% and adjusted EPS in the range of $4.70 to $4.90 per diluted share, a solid 14.3% year-over-year increase at the midpoint.

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