Toro Company Honored as 2022 Business of the Year by Riverside Chamber

By: Sharjeel Sohaib

• 

Mar 18, 2023

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  • The Toro Company has been recognized for its leadership in innovative and sustainable solutions for the outdoor environment.
  • The company has demonstrated a solid commitment to the community by supporting local initiatives such as Keep Riverside Clean and Beautiful.
  • The community is invited to join the celebration at the 123rd Inaugural Celebration on March 23 at the Riverside Convention Center, where Toro will be honored.

The Toro Company’s recognition as the 2022 Business of the Year by the Riverside Chamber is a testament to its commitment to sustainable solutions and community involvement. As a long-time Chamber member, Toro has shown they are a leader in their industry and a valuable local community member. They have demonstrated their dedication to making the city a better place for all by supporting initiatives such as Keep Riverside Clean and Beautiful. This news is crucial to the local community and those who value environmentally responsible business practices. The recognition of companies like Toro sets an example for others to follow, inspiring greater corporate social responsibility and sustainability efforts.

The Toro Company

The Toro Company’s rich history dates back to 1914, when it was founded to build engines for The Bull Tractor Company. The company’s name, Toro, is inspired by its association with bulls. Over the years, the company has become a leader in innovative and sustainable solutions for the outdoor environment.

The Toro Company is a leading provider of innovative outdoor solutions, catering to various industries, including turf and landscape maintenance, snow and ice management, and irrigation systems. With a global presence in over 125 countries, The Toro Company offers a family of well-known brands such as Toro, Ditch Witch, and Exmark. The company is renowned for its commitment to innovation and building strong customer relationships based on trust and integrity.

Last year, Toro unveiled its GeoLink Solutions Autonomous Fairway Mower, which aims to assist golf customers in delivering more consistent results, increasing productivity, and alleviating labor shortages. With such innovative products, Toro continues to prove its commitment to providing top-quality solutions to its customers.

2023 Financial highlights and segment results of The Toro Company

The Toro Company reported record results for the first quarter of fiscal 2023, highlighted by professional solid segment performance and improved profitability. The company said record net sales of $1.15 billion, up 23% year over year, and a first-quarter reported diluted EPS of $1.01, up 53% year over year. The company also reported record first-quarter adjusted diluted EPS of $0.98, up 49% year over year.

In the professional segment, net sales were $880.7 million, up 30.9% from last year, and earnings were $144.1 million, up 54.5% from the same period the previous year. In the residential segment, net sales were $264.6 million, up 3.6% from last year, and earnings were $37.8 million, up 19.1% from the same period the previous year.

The company has reported strong financial results for the first quarter, with net sales up significantly in the professional segment and moderately in the residential segment compared to last year. The earnings for both segments have also increased, with the professional part seeing a more significant percentage increase than the residential segment. The company’s gross margin has improved, primarily due to better pricing and productivity, although this was partly offset by higher costs related to materials, freight, and manufacturing. SG&A expenses remained relatively stable compared to the previous year.

The effective tax rate for the first quarter was lower than in the last year, resulting in higher earnings after taxes. These financial results indicate that the company is performing well and progressing toward its financial goals.

Wrap up

The Toro Company is a leader in sustainable outdoor solutions. It was named the 2022 Business of the Year by the Riverside Chamber due to its commitment to environmentally responsible business practices and community involvement. The company reported strong financial results for the first quarter of fiscal 2023, with record net sales of $1.15 billion, up 23% YoY, and a reported diluted EPS of $1.01, up 53% YoY.

Soon Startempire Wire will do an in-depth coverage of the company’s presence and operations in the Inland Empire.

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