Toro reports 8% Q3 sales growth, raises full-year EPS view
Toro said third-quarter net sales rose 8% and adjusted EPS was $1.33, while lifting full-year adjusted EPS guidance to $4.60 to $4.65.
Toro (NYSE: TTC ) released third-quarter financial results and hosted an earnings call on Thursday.
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Access the full call at Summary The Toro Company reported a strong third quarter with an 8% increase in net sales and adjusted EPS of $1.33, driven by growth in both professional and residential segments.
The company highlighted strategic product innovations such as the Exmark Radius zero-turn mower and the GrandStand Multi Force line, contributing to sales growth in the professional contractor segment.
The AMP program exceeded its target of $125 million in run-rate savings, bolstering operating margins and free cash flow, leading to $358 million in share repurchases.
Toro raised its full-year guidance for adjusted EPS to a range of $4.60 to $4.65 due to sustained customer demand and productivity initiatives.
Operational highlights included strong adoption of new products in the golf segment and increased market adoption in the underground construction segment with the HammerHead Blue Light technology.
Management expressed confidence in the company's long-term growth potential, emphasizing continued investments in innovation and productivity improvements.
Full Transcript Marvin, Operator Good day, ladies and gentlemen, and welcome to the Toro Company's third quarter earnings conference call.
My name is Marvin, and I'll be your coordinator for today.
At this time, all participants are in listen-only mode.
We will be facilitating a question-and-answer session towards the end of today's conference.
As a reminder, this conference is being recorded for replay purposes.
I'll now turn the presentation over to your host for today's conference, Heather Hilley, Vice President, Corporate Affairs and Investor Relations.
Please proceed, Ms.
Hilley.
Heather Hilley, Vice President, Corporate Affairs and Investor Relations Good morning, everyone, and thank you for joining us for the Toro Company's third quarter 2026 earnings conference call.
I'm Heather Hilley, Vice President of Corporate Affairs and Investor Relations.
On the line with me today are Rick Olson, Chairman and Chief Executive Officer; Edric Funk, President and Chief Operating Officer; and Angie Drake, Vice President and Chief Financial Officer.
Rick, Edric, and Angie will provide an overview of our third quarter results, which were released earlier this morning, and discuss our priorities and outlook for the remainder of fiscal 2026.
Following their remarks, we'll open the phone lines for a question-and-answer session.
Before we begin, please note that any forward-looking statements made today are subject to risks and uncertainties that could cause actual results to differ materially from those projected.
These risks are detailed in our earnings release, investor presentation, and our most recent filings with the SEC.
During our remarks we will also reference certain non-GAAP financial measures.
We believe these metrics provide useful insight into the company's performance.
Reconciliations to the most directly comparable GAAP measures can be found in this morning's press release.
Both the release and our third quarter supplemental presentation are available in the investor information section of our corporate website.
With that, I will now turn the call over to Rick.
Rick Olson, President and CEO Thank you, Heather, and good morning, everyone.
We delivered a strong third quarter, growing net sales 8% and generating adjusted earnings per share of $1.33.
The sales momentum from the first half continued into Q3, with both our professional and residential segments growing net sales over 8%.
Within the professional segment, landscape contractor sales increased double digits, with underground and specialty construction growing mid single digits.
As expected, Golf shipments were down modestly year over year against a strong prior-year comparison.
The strength in professional contractor was driven in part by the redesigned Exmark Radius zero-turn mower launched earlier this year.