The Toro Company (NYSE:TTC) shares are trading higher after the company reported second-quarter FY24 results.
Sales increased 1% Y/Y to $1.35 billion, beating the consensus of $1.343 billion.
Sales by segments: Professional $1.006 billion (-5.9% Y/Y), and Residential $335.6 million (+26.3 Y/Y).
Adjusted gross margin contracted to 33.6% from 35.8% a year ago due to a change in product mix and higher material and manufacturing costs.
Adjusted operating margin declined to 14.2% from 16.3% the prior year. Adjusted EPS of $1.40 …