Toro Company lowers FY24 adjusted EPS view to $4.15-$4.20 from $4.25-$4.35

Consensus $4.30. “Our business fundamentals remain strong, and we continue to execute with discipline,” added Olson. “For our professional segment, the demand drivers in our underground construction and golf businesses remain compelling. The projected strength in infrastructure spending for the foreseeable future is a positive outlier in the construction industry, and golf rounds played show no signs of slowing down. For these businesses, the healthy pace of orders has continued to keep backlog elevated and, as such, we are driving increased output to improve lead times. For lawn care products, we expect a heightened level of macro uncertainty will continue to drive near-term caution. Importantly, we have made significant progress in reducing our dealer field inventories of lawn care products and expect to exit the fiscal year in a much better position than last year. We expect enduring benefits from the investments we’ve made in our innovative product line-up, and from the strategic development of our independent dealer networks and mass partnerships.”