Toro Co. Shares Fall On Q2 Sales Miss, Narrowed Outlook

(RTTNews) - Shares of The Toro Company (TTC), turf, landscape, rental and construction equipment provider, are falling more than 6% Thursday morning after the company's sales in the second quarter missed analysts' view. The company also narrowed its full-year outlook.

Quarterly sales increased 7% year over year to $1.34 billion, but missed the average estimate of analysts polled by Thomson-Reuters of $1.44 billion.

Net earnings in the second quarter increased to $167.5 million or $1.59 per share from $131.1 million or $1.24 per share in the same quarter a year ago.

Excluding one-time items, earnings were $1.58 per share. The consensus estimate was for $1.52 per share.

For the full year, the company now expects net sales growth in the range of 7%-8% compared with prior range of 7%-10%.

Adjusted EPS for the full year is now expected between $4.70-$4.80 compared with $4.70-$4.90 provided earlier.

TTC is at $98.98 currently. It has traded in the range of $71.86 - $117.66 in the last 1 year.