Toro Co (NYSE:TTC) shares surged approximately 8% following their Q4 earnings report and FY24 guidance. Despite a 16% Y/Y sales decline to $983.2 million, the results beat the consensus estimate of $973.7 million. The company experienced robust demand in its professional segment, particularly in underground and specialty construction, and golf and grounds businesses. This demand helped mitigate the significant drop in homeowner demand and channel destocking for lawn care solutions. Professional segment sales were $828.9 million, down 12.3% Y/Y, while Residential segment sales were $148.4 million, down 33.6% Y/Y. Adjusted gross margin and operating margin both contracted, and adjusted EPS of $0.71, down 36% Y/Y, still beat the consensus of $0.56. Toro ended the quarter with $193.1 million in cash and equivalents. For FY24, Toro forecasts low-single-digit net sales growth and adjusted EPS of $4.25-$4.35, in line with consensus estimates. The company anticipates benefits from a stable supply chain and a strategic partnership with Lowe's, along with a new productivity initiative named AMP, aiming for over $100 million in annualized cost savings by fiscal 2027.