| Over a month ago | ||||
"Looking ahead to… "Looking ahead to the remainder of the fiscal year, we are encouraged by continuing positive demand trends. As we enter the key selling season for many of our professional businesses, we are well positioned with our suite of new products to capitalize on the recovery occurring across core markets. We also expect to see ongoing retail demand for our innovative residential segment all-season product lineup. Our guidance is based on current visibility and certain potential effects of COVID-19. We are actively managing a dynamic supply chain and cost inflation environment. We intend to deliver profitable growth by focusing on our enterprise strategic priorities and the needs of our customers," concluded Olson. The Company is reaffirming its full-year fiscal 2021 guidance of 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. The adjusted diluted EPS guidance range excludes the benefit of the excess tax deduction for share-based compensation and the favorable one-time legal settlement in the first quarter of fiscal 2021. | ||||
Reports Q1 revenue $873M,… Reports Q1 revenue $873M, consensus $851.38M. "We began fiscal 2021 with strong momentum across our professional and residential businesses," said Richard M. Olson, chairman and chief executive officer. "This drove double-digit top-line growth in the current dynamic environment, primarily due to higher shipments of professional landscape contractor zero-turn riding mowers and robust retail demand for residential snow equipment and Flex-Force battery-powered products. Incremental sales from the Venture Products acquisition also contributed to first-quarter growth. We expanded profitability in the quarter by executing on our productivity initiatives and through disciplined cost management. We continued to provide innovative products that align with the needs of our customers, and invested in key technology areas including alternative power, smart connected and autonomous, to drive long-term sustainable growth. We are grateful to our team and channel partners for their perseverance in serving our customers while remaining focused on keeping each other safe." | ||||
The Toro Company… The Toro Company announced that it has acquired Left Hand Robotics. The acquisition supports The Toro Company's strategy of leadership in next generation technologies, including alternative power, smart connected, and autonomous products. Terms of the transaction were not disclosed. Based in Longmont, Colorado, Left Hand Robotics is recognized for developing innovative autonomous solutions for turf and snow management. Its patent-pending software and advanced technologies for autonomous navigation are designed to provide professional contractors and grounds managers with future solutions to improve their operational efficiency and tackle outdoor tasks with precision. | ||||
| Over a quarter ago | ||||
As previously reported,… As previously reported, BofA analyst Ross Gilardi initiated coverage of Toro Company with a Neutral rating and $102 price target. While he thinks the "steady long-term outperformer" seems poised for a strong 2021, Gilardi finds the stock fairly valued at current levels, he tells investors. | ||||
BofA initiated coverage… BofA initiated coverage of Toro Company with a Neutral rating and $102 price target. | ||||
Sees FY21 revenue up… Sees FY21 revenue up 6%-8%, consensus $3.6B. This estimated adjusted diluted EPS range excludes the benefit of the excess tax deduction for share-based compensation. The company said, "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." | |
Reports Q4 revenue… Reports Q4 revenue $840.96M, consensus $772.14M. "Our strong fourth-quarter results were driven by continued sales growth in our residential segment and a rebound in our professional segment," said Richard 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." | |
Virtual Meeting to be… Virtual Meeting to be held on September 18 hosted by Sidoti. | |
Catch up on today's… Catch up on today's top five analyst upgrades with this list compiled by The Fly: 1. Michaels (MIK) upgraded to Outperform from Neutral at Credit Suisse with analyst Seth Sigman saying Michaels is an "attractive self-help story" which should continue to benefit from strong demand trends in its category in the near term while delivering "significant" productivity improvements over the medium- to longer-term. 2. Toro Company (TTC) upgraded to Outperform from Neutral at Baird with analyst Timothy Wojs citing improving end-user demand coupled with restocking and pent-up equipment purchases which could result in accelerating revenue and earnings growth in 2021. 3. Barnes & Noble Education (BNED) upgraded to Buy from Hold at Craig-Hallum with analyst Alex Fuhrman saying while he is "conservatively modeling" negative adjusted EBITDA this year, Fuhrman expects the company to return to "significant profitability" next school year as Bartleby and First Day Complete are showing positive signs amid the pandemic and position the company to emerge from COVID as a more profitable one. 4. Evolution Petroleum (EPM) upgraded to Buy from Neutral at Roth Capital with analyst John White citing a potential uptick in production at the beginning of 2021 as higher CO2 injections at the Delhi field are anticipated, Denbury's emergence from Chapter 11 with improved free cash flow potentially providing further production growth, and a 3.6% dividend yield with potential for increases. 5. National CineMedia (NCMI) upgraded to Outperform from Market Perform at Barrington with analyst James Goss saying while Goss expects a return to normal will take time and assumes 2021 to be a transitional year ahead of box office and attendance trends getting close to 2019 levels in 2022, he also argues that structural initiatives and the increasing importance of digital efforts will create a greater opportunity as the company emerges from the pandemic. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here. | |
As reported previously,… As reported previously, Baird analyst Timothy Wojs upgraded Toro Company to Outperform from Neutral with a price target of $88, up from $80. The analyst cited improving end-user demand coupled with restocking and pent-up equipment purchases which could result in accelerating revenue and earnings growth in 2021. |