Toro beats by $0.01, misses on revs; lowers FY16 rev guidance, declares a two-for-one split
- Reports Q3 (Jul) earnings of $1.00 per share, $0.01 better than the Capital IQ Consensus of $0.99; revenues fell 1.4% year/year to $601 mln vs the $622.16 mln Capital IQ Consensus.
- Professional segment net sales for the third quarter totaled $427.8 million, up 1.4 percent from $422 million in the same period last year.
- Residential segment net sales for the third quarter were $167.8 mln, down 4.6 percent from $176 mln in the same period last year.
- Co lowers guidance for FY16, sees EPS of $3.95-4.00 (prior $3.90-4.00) vs. $4.01 Capital IQ Consensus Estimate; sees FY16 revs flat to +1% between $2.39-2.41 bln (prior was flat to +2% between $2.39-2.44 bln) vs. $2.43 bln Capital IQ Consensus Estimate.
- Toro also announces that its Board has declared a two-for-one split of the company's common stock, which will be effected in the form of a 100 percent stock dividend. The stock dividend will be distributed on Sept 16, 2016, to shareholders of record as of Sept 1, 2016.