Why Outdoor Equipment Products Provider Toro Shares Are Surging Today
Portfolio Pulse from Lekha Gupta
The Toro Company (NYSE:TTC) shares surged after reporting better-than-expected Q2 FY24 results. Sales increased by 1% Y/Y to $1.35 billion, beating the consensus. Adjusted EPS of $1.40 also surpassed expectations. The company saw significant growth in its residential segment and made progress in reducing dealer field inventories. Toro expects low-single-digit net sales growth and adjusted EPS of $4.25-$4.35 for FY24. Investors can gain exposure via MarketDesk Focused U.S. Dividend ETF (NASDAQ:FDIV) and VanEck Agribusiness ETF (NYSE:MOO).
June 06, 2024 | 4:51 pm
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POSITIVE IMPACT
MarketDesk Focused U.S. Dividend ETF (FDIV) may see a positive impact due to its exposure to Toro Company, which reported strong Q2 FY24 results. Toro's shares surged, contributing positively to the ETF's performance.
FDIV holds Toro Company shares, which surged after a strong earnings report. This positive performance of Toro is likely to benefit FDIV's overall performance.
CONFIDENCE 80
IMPORTANCE 70
RELEVANCE 50
POSITIVE IMPACT
VanEck Agribusiness ETF (MOO) may experience a positive impact due to its exposure to Toro Company, which reported strong Q2 FY24 results. Toro's shares surged, contributing positively to the ETF's performance.
MOO holds Toro Company shares, which surged after a strong earnings report. This positive performance of Toro is likely to benefit MOO's overall performance.
CONFIDENCE 80
IMPORTANCE 70
RELEVANCE 50
POSITIVE IMPACT
Toro Company shares surged after reporting better-than-expected Q2 FY24 results. Sales increased by 1% Y/Y to $1.35 billion, and adjusted EPS of $1.40 surpassed expectations. The company saw significant growth in its residential segment and made progress in reducing dealer field inventories.
The positive earnings report, with sales and EPS beating expectations, along with significant growth in the residential segment, has led to a surge in TTC shares. The company's progress in reducing dealer inventories and a positive FY24 outlook further support the upward price movement.
CONFIDENCE 95
IMPORTANCE 90
RELEVANCE 100