Toro Co. (TTC) a provider of turf maintenance equipment, Thursday reported higher profit for the second quarter helped by improved revenue. The company further backed its full-year earnings forecast while lowering the revenue expectations.
For the quarter, the firm posted profit of $78.4 million, up from $68.81 million last year. On a per share basis, earnings were $1.32 compared with $1.13 last year.
Four analysts on average polled by Thomson Reuters estimated earnings per share of $1.19 for he period. Analyst estimates typically exclude one-time items.
The company clocked revenue of $704.48 million, up from $691.48 million last year. Analysts were looking for revenue of $700.35 million for the period.
Looking forward, Toro continues to see earnings per share in the range of $2.40 to 2.45. Revenue growth is expected lower in 3 to 4 percent range, than prior expectations of about 4 to 5 percent.
Analysts are currently looking for earnings per share of $2.46 on revenue of $2.04 billion for the full-year.
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