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TTC Toro

The Toro Company is an American company that designs, manufactures, and markets a range of turf maintenance equipment , snow removal equipment , and irrigation system supplies for commercial and residential gardens, public parks, golf courses, sports fields, and agricultural fields. The company is based in the Minneapolis suburb of Bloomington, Minnesota.

Company profile

Ticker
TTC
Exchange
CEO
Richard Olson
Employees
Incorporated
Location
Fiscal year end
SEC CIK
IRS number
410580470

TTC stock data

(
)

Calendar

4 Mar 21
21 Apr 21
31 Oct 21
Quarter (USD)
Jan 21 Oct 20 Jul 20 Apr 20
Revenue
Cost of revenue
Operating income
Operating margin
Net income
Net profit margin
Cash on hand
Change in cash
Diluted EPS
Annual (USD)
Oct 20 Oct 19 Oct 18 Oct 17
Revenue
Cost of revenue
Operating income
Operating margin
Net income
Net profit margin
Cash on hand
Change in cash
Diluted EPS

Financial data from Toro earnings reports.

Cash burn rate (estimated) Burn method: Change in cash Burn method: Operating income/loss Burn method: FCF (opex + capex)
Last Q Avg 4Q Last Q Avg 4Q Last Q Avg 4Q
Cash on hand (at last report) 433.39M 433.39M 433.39M 433.39M 433.39M 433.39M
Cash burn (monthly) 15.5M (positive/no burn) (positive/no burn) (positive/no burn) (positive/no burn) (positive/no burn)
Cash used (since last report) 42.87M n/a n/a n/a n/a n/a
Cash remaining 390.53M n/a n/a n/a n/a n/a
Runway (months of cash) 25.2 n/a n/a n/a n/a n/a

Beta Read what these cash burn values mean

Date Owner Security Transaction Code Indirect 10b5-1 $Price #Shares $Value #Remaining
1 Apr 21 Moeller Peter D Common Stock Payment of exercise Dispose F No No 105.36 276 29.08K 2,940.266
1 Apr 21 Moeller Peter D Common Stock Option exercise Aquire M No No 0 784.591 0 3,216.266
1 Apr 21 Moeller Peter D RSU Common Stock Option exercise Dispose M No No 0 784.591 0 784.588
1 Apr 21 Angela C Drake Common Stock Payment of exercise Dispose F No No 105.36 106 11.17K 1,104.45
1 Apr 21 Angela C Drake Common Stock Payment of exercise Dispose F No No 105.36 225 23.71K 1,210.45
1 Apr 21 Angela C Drake Common Stock Option exercise Aquire M No No 0 369.433 0 1,435.45
1 Apr 21 Angela C Drake Common Stock Option exercise Aquire M No No 0 647.517 0 1,066.017
1 Apr 21 Angela C Drake RSU Common Stock Option exercise Dispose M No No 0 369.433 0 740.884
1 Apr 21 Angela C Drake RSU Common Stock Option exercise Dispose M No No 0 647.517 0 648.537
31 Mar 21 Gregory S Janey Common Stock Sell Dispose S No No 103.938 775 80.55K 2,698.748

Data for the last complete 13F reporting period. To see the most recent changes to ownership, click the ownership history button above.

81.9% owned by funds/institutions
13F holders
Current Prev Q Change
Total holders 436 397 +9.8%
Opened positions 71 66 +7.6%
Closed positions 32 44 -27.3%
Increased positions 133 101 +31.7%
Reduced positions 149 153 -2.6%
13F shares
Current Prev Q Change
Total value 8.35B 7.27B +14.9%
Total shares 88.1M 86.62M +1.7%
Total puts 27.9K 60K -53.5%
Total calls 171.4K 166.5K +2.9%
Total put/call ratio 0.2 0.4 -54.8%
Largest owners
Shares Value Change
Vanguard 10.47M $993.09M +2.2%
BLK Blackrock 9.49M $900.17M -2.5%
Select Equity 5.94M $563.02M -5.9%
TROW T. Rowe Price 4.54M $430.4M -7.3%
JPM JPMorgan Chase & Co. 3.72M $352.67M +4.3%
Kayne Anderson Rudnick Investment Management 3.55M $336.46M -0.8%
Mairs & Power 2.73M $259.08M -0.3%
ATAC Neuberger Berman 2.62M $247.32M -1.8%
Pictet Asset Management 2.61M $247.18M +3.3%
STT State Street 2.57M $244.81M +2.4%
Largest transactions
Shares Bought/sold Change
Norges Bank 962.23K +962.23K NEW
Victory Capital Management 1.65M +842.92K +104.5%
Durable Capital Partners 1.57M +381.09K +32.0%
Select Equity 5.94M -373.73K -5.9%
TROW T. Rowe Price 4.54M -355.51K -7.3%
BLK Blackrock 9.49M -245.87K -2.5%
Lord, Abbett & Co. 245.52K +245.52K NEW
Vanguard 10.47M +229.01K +2.2%
AMP Ameriprise Financial 1.15M +209.88K +22.4%
Schroder Investment Management 363.07K +207.85K +133.9%

Financial report summary

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Competition
United BreweriesDSG Global
Risks
  • Our net sales and earnings have been and could continue to be adversely affected by economic conditions and outlook in the U.S. and in other countries in which we conduct business.
  • COVID-19 materially adversely impacted portions of our business, financial condition and operating results and will likely continue to adversely impact portions of our business, financial condition and operating results and such impact could continue to be material.
  • Weather conditions, including conditions exacerbated by climate change, have previously impacted demand for some of our products and/or caused disruption in our operations, including as a result of disruption in our supply chain, and may impact such items in the future which may adversely affect our net sales or otherwise adversely affect our operating results.
  • Our Professional segment includes a variety of products that are dependent upon certain and varied factors.
  • Our Residential segment net sales are dependent upon consumers buying our Residential segment products at dealers, mass retailers, and home centers; the amount of product placement at mass retailers and home centers; consumer confidence and spending levels; changing buying patterns of customers; and the impact of significant sales or promotional events.
  • Changes in our product mix between reportable segments and/or within a reportable segment could adversely impact our financial performance, including profit margins and net earnings.
  • We face intense competition in all of our product lines with numerous manufacturers, including some that have larger operations and greater financial resources than us. We may not be able to compete effectively against competitors' actions, which could harm our business and operating results.
  • If we are unable to continue to enhance existing products, as well as develop and market new products, that respond to customer needs and preferences and achieve market acceptance, we may experience a decrease in demand for our products, and our net sales, which have historically benefited from the introduction of new products, may be adversely affected.
  • Increases in the cost of commodities, components, parts, and accessories that we purchase and/or increases in our other costs of doing business, have, and could continue to, adversely affect our profit margins and businesses.
  • Disruption and/or shortages in the availability of commodities, components, parts, or accessories used in our products has, and could continue to, adversely affect our business.
  • Any disruption at any of our facilities or in our manufacturing or other operations, or those of our distribution channel customers or suppliers, or our inability to cost-effectively expand existing, open and manage new or acquired, and/or move production between manufacturing facilities could adversely affect our business and operating results.
  • Our labor needs, and those of our suppliers and distribution channel partners, fluctuate throughout the year and by region. During fiscal 2020, such labor needs have been negatively impacted by COVID-19 and such impact is expected to continue. Any failure by us, or our suppliers or distribution channel partners, to hire and/or retain a labor force to adequately staff manufacturing operations, perform service or warranty work, or other necessary activities, by such labor force to adequately and safely perform their jobs, or as a result of increased costs in connection with necessary actions and preparedness plans to help ensure the health and safety of employees and continued operations, have, among other things, resulted in disruptions in our manufacturing and other processes and adversely affected our business and operating results and such adverse impacts could continue.
  • If we underestimate or overestimate demand for our products and do not maintain appropriate inventory levels, our net sales and/or working capital could be negatively impacted.
  • Our business and operating results are subject to the inventory management decisions of our distribution channel customers.
  • Changes in composition of, financial viability of, and the relationships with, our distribution channel customers could negatively impact our business and operating results.
  • We are dependent upon the availability of floor plan financing, including through our Red Iron financing joint venture with TCFIF or otherwise, to provide competitive inventory financing programs to certain distributors and dealers of our products. Any material change in the availability or terms of credit offered to our customers by our floor plan arrangements, challenges or delays in transferring new distributors and dealers from any business we might acquire or otherwise to available floor plan platforms, any termination or disruption of our floor plan arrangements, or any delay in securing replacement credit sources could adversely affect our net sales and operating results.
  • Management information systems are critical to our business. If our management information systems or those of our business partners or third-party service providers fail to adequately perform, or if we, our business partners, or third-party service providers experience an interruption in the operation of such systems, our business, reputation, financial condition, and operating results could be adversely affected.
  • A significant percentage of our consolidated net sales is generated outside of the U.S., a portion of which is financed by third-parties, and we intend to expand our international operations. Our international operations require significant management attention and financial resources, expose us to difficulties presented by international economic, political, legal, regulatory, accounting, and business factors, and may not be successful or produce desired levels of net sales.
  • Brexit and the uncertainty regarding its implementation and effect could disrupt our operations and adversely affect our operating results.
  • We are expanding and renovating certain of our facilities and could experience disruptions to our operations in connection with such efforts.
  • We intend to grow our business in part through acquisitions and alliances, strong customer relations, and new joint ventures, investments, and partnerships, which could be risky and may harm our business, reputation, financial condition, and operating results.
  • Failure to successfully complete divestitures or other restructuring activities could negatively affect our operations.
  • If we are unable to retain our executive officers or other key employees, attract and retain other qualified employees, or successfully implement executive officer, key employee or other leadership or employee transitions, we may not be able to meet strategic objectives and our business could suffer.
  • We may not achieve our financial projections or other business initiatives in the time periods that we anticipate, or at all, which could have an adverse effect on our business, operating results, and financial condition.
  • We may be required to incur impairment and other charges resulting from the impairment of goodwill or other intangible assets recorded in connection with acquisitions.
  • Fluctuations in foreign currency exchange rates have affected our operating results and could continue to result in declines in our reported net sales and net earnings.
  • The terms of our credit arrangements and the indentures governing our senior notes, term loans, and debentures could limit our ability to conduct our business, take advantage of business opportunities and respond to changing business, market, and economic conditions. Additionally, we are subject to counterparty risk in our credit arrangements.
  • If we are unable to comply with the terms of our credit arrangements and indentures, especially the financial covenants, our credit arrangements could be terminated and our senior notes, term loans, debentures, and any amounts outstanding under our revolving credit facility could become due and payable.
  • A downgrade in our credit ratings could increase our cost of funding and/or adversely affect our access to capital markets or the availability of funding from a variety of lenders.
  • The expected phase out of LIBOR could impact the interest rates paid on our variable rate indebtedness and cause our interest expense to increase.
  • Changes in accounting or tax standards, policies, or assumptions utilized in determining accounting estimates could adversely affect our financial statements, including our operating results and financial condition.
  • Our reliance upon patents, trademark laws, and contractual provisions to protect our proprietary rights may not be sufficient to protect our intellectual property from others who may sell similar products. In addition, our products may infringe the valid proprietary rights of others.
  • Our company, business, properties, and products are subject to governmental policies and regulations, with which compliance may require us to incur expenses, or modify our products or operations, and non-compliance may result in harm to our reputation and/or expose us to penalties. Governmental policies and regulations may also adversely affect the demand for some of our products and our operating results.
  • Legislative enactments could impact the competitive landscape within our markets and affect demand for our products.
  • Changes to or withdrawal from trade regulation, quotas, duties, agreements, policies, or tariffs, caused by the changing U.S. and geopolitical environments or otherwise, may negatively impact our business, operating results and financial condition.
  • The costs of complying with the various environmental laws related to our ownership and/or lease of real property, such as clean-up costs and liabilities that may be associated with certain hazardous waste disposal activities, could adversely affect our financial condition and operating results.
  • Climate change legislation, regulations, or accords may adversely impact our operations.
  • We are subject to product quality issues, product liability claims, and other litigation from time to time that could adversely affect our business, reputation, operating results or financial condition.
  • We operate in many different jurisdictions and we could be adversely affected by violations of the U.S. Foreign Corrupt Practices Act ("FCPA") and similar worldwide anti-corruption laws.
Management Discussion
  • Worldwide consolidated net sales for the first quarter of fiscal 2021 were $873.0 million, up 13.7 percent compared to $767.5 million in the first quarter of fiscal 2020.
  • Professional segment net sales for the first quarter of fiscal 2021 were $650.2 million, an increase of 9.3 percent compared to $594.7 million in the first quarter of the prior fiscal year. This increase was primarily driven by increased shipments of landscape contractor zero-turn riding mowers and incremental net sales as a result of our acquisition of Venture Products, partially offset by fewer shipments of underground construction equipment and golf and grounds equipment.
  • Residential segment net sales for the first quarter of fiscal 2021 were $217.7 million, an increase of 31.3 percent compared to $165.8 million in the first quarter of the prior fiscal year. This increase was mainly driven by strong demand for snow products, Flex-Force battery-powered products, and walk power mowers.
Content analysis
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