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EX - 99.1 2 ttc03042021 exhibit991.htm EX - 99.1 TORO® Investor Relations Julie Kerekes Senior Managing Director , Investor Relations ( 952 ) 887-8846 , julie.kerekes@toro.com Media Relations Branden Happel Senior Manager , Public Relations ( 952 ) 887-8930 , branden.happel@toro.com For Immediate Release • The Toro Company Reports Strong First - Quarter Fiscal 2021 Results Professional Landscape Contractor Sales and Residential Snow Products Drive Performance Net sales of $ 873.0 million , up 13.7 % year over year ; Professional segment net sales up 9.3 % , Residential segment net sales up 31.3 % • Reported diluted EPS of $ 1.02 ; * Adjusted diluted EPS of $ 0.85 , up 32.8 % year over year • Resumed share repurchases given strong cash position BLOOMINGTON , Minn .- ( BUSINESS WIRE ) — March 4 , 2021 - The Toro Company ( NYSE : TTC ) today reported results for its fiscal first quarter ended January 29 , 2021 . " We began fiscal 2021 with strong momentum across our professional and residential businesses , " said Richard M. Olson , chairman and chief executive officer . " This drove double - digit top - line growth in the current dynamic environment , primarily due to higher shipments of professional landscape contractor zero - turn riding mowers and robust retail demand for residential snow equipment and Flex - Force battery - powered products . Incremental sales from the Venture Products acquisition also contributed to first - quarter growth . We expanded profitability in the quarter by executing on our productivity initiatives and through disciplined cost management . We continued to provide innovative products that align with the needs of our customers , and invested in key technology areas including alternative power , smart connected and autonomous , to drive long - term sustainable growth . We are grateful to our team and channel partners for their perseverance in serving our customers while remaining focused on keeping each other safe . " FIRST - QUARTER FISCAL 2021 FINANCIAL HIGHLIGHTS • Net sales of $ 873.0 million , up 13.7 % from $ 767.5 million in the first quarter of fiscal 2020 . • • Net earnings of $ 111.3 million , up 58.8 % from $ 70.1 million in the first quarter of fiscal 2020 ; * adjusted net earnings of $ 93.2 million , up 33.8 % from $ 69.7 million in the first quarter of fiscal 2020 . Reported EPS of $ 1.02 per diluted share , up 56.9 % from $ 0.65 per diluted share in the first quarter of fiscal 2020 ; * adjusted EPS of $ 0.85 per diluted share , up 32.8 % from $ 0.64 per diluted share in the first quarter of fiscal 2020 . Deployed $ 90.0 million to pay down debt and returned $ 59.8 million to shareholders through regular dividends and the resumption of share repurchases ; liquidity of approximately $ 1.0 billion as of January 29 , 2021 .