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The Toro Co. reports first quarter results

By Stephen Elliott

March 10, 2024

The Toro Co., Bloomington, Minn., reported net sales of $1.00 billion during the 2024 fiscal first quarter, down 13 percent compared to $1.15 billion the year before.

“The first quarter aligned with our expectations, as we drove exceptional top-line growth for our underground and specialty construction, and golf and grounds businesses,” said Richard Olson, chairman and CEO. “This performance was the result of continued strong demand for these products and the strategic actions we’ve taken to increase output with more stable supply. The strength in these areas was offset by lower shipments of zero-turn mowers, as expected, given elevated field inventories heading into the fiscal year, and lower shipments of snow and ice management products due to below-average snowfall activity. At the same time, our team drove productivity gains that offset higher material costs, operating with resiliency and agility as we continued to align costs and production to demand trends.”