Toro Co. stock TTC rose 0.7% in premarket trades after the lawn mower company posted stronger-than-expected first-quarter profit. Toro said its first-quarter profit rose to $106.86 million, or $1.01 a share, from $69.51 million, or 66 cents a share, in the year-ago quarter. Its first-quarter adjusted earnings of 98 cents a share beat the analyst estimated of 94 cents a share in a survey by FactSet. Revenue increased 23% to $1.15 billion, about flat with the analyst view of $1.16 billion. Looking ahead, Toro expects adjusted 2023 earnings of $4.70 to $4.90 a share, compared to the analyst estimate of $4.90 a share. “Our momentum continues to be supported by the exceptional demand and substantial order backlog for products in key professional end markets, as well as the expected benefits from our pricing and productivity initiatives,” CEO Richard M. Olson said.
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