Why Toro Stock Is Moving Higher Today
Outdoor-equipment manufacturer Toro Co. (NYSE: TTC) beat expectations for the quarter and provided signs that its end markets are stabilizing. Investors were encouraged by the update, sending Toro shares up 8% as of 10 a.m. ET.
Toro is a maker of professional and residential lawn care and snow removal equipment, as well as construction machinery. The company earned $1.40 per share in its fiscal second quarter on revenue of $1.35 billion, topping Wall Street's $1.29 per share on a $1.34 billion consensus estimate.
Revenue was flat year over year and earnings were down, but that was expected. Toro experienced a wave of inventory restocking early last year that was unsustainable over the long term and is now waiting for dealers to work through all the inventory that was acquired.
Source Fool.com
