Short answer
Toro Co (TTC) filed its fiscal 2019 10-K annual report with the SEC on Dec 20, 2019. It reported revenue of $3.1B (+19.8% year over year) and net income of $274M.
- Top risk flagged: Regulatory exposure: U.S. and international trade-policy changes could add tariffs on imported components used in Toro products
FY2019 key financial metrics · XBRL
- Revenue
- $3.1B
- +19.8% YoY
- Net income
- $274M
- +0.8% YoY
- Operating margin
- 10.4%
- −3.9 pp YoY
- Gross margin
- 33.4%
- −2.5 pp YoY
- EPS (diluted)
- $2.53
- +1.2% YoY
- ROE
- 31.9%
- −8.8 pp YoY
- Operating cash flow
- $337M
- −7.5% YoY
Source: XBRL data from the Toro Co (TTC) FY2019 10-K on SEC EDGAR. USD.
Toro Co FY2019 10-K analysis
AI summary of each section, grounded in the filing text
Business Overview
- Outdoor equipment and services manufacturer, organized into Professional and Residential segments, with Professional representing 77.8% of fiscal 2019 sales
- CMW acquisition added underground construction brands, including Ditch Witch, American Augers, HammerHead and Subsite
- Strategic Toro underground wind-down, targeting large horizontal directional drills and riding trenchers by fiscal 2020
- CMW acquisition expanded backlog to $112.5 million, up 44.6% from $77.8 million
- New battery-electric emphasis, including 60V residential products and hybrid or all-electric Greensmaster eTriFlex mowers
Management Discussion & Analysis
- Revenue $3,138.1M, up 19.8% YoY from $2,618.7M, driven by CMW acquisition and Professional demand
- Operating margin 10.4% vs 14.2%; gross margin 33.4% vs 35.9%; net earnings $274.0M, up 0.8%
- Best segment: Professional revenue $2,443.4M, up 25.5%; worst: Other operating loss $123.9M vs $92.2M
- Operating cash flow $337.4M; capex $92.9M; buybacks $20.0M; quarterly dividend $0.225 per share
- Fiscal 2020 capex guidance approximately $100.0M; risks include commodity and tariff costs, soft retail demand, and CMW integration lodges
Risk Factors
- Regulatory exposure: U.S. and international trade-policy changes could add tariffs on imported components used in Toro products
- Geopolitical exposure: Brexit threatens Toro’s U.K. manufacturing and sales operations through regulatory complexity and movement restrictions
- Supply-chain vulnerability: Certain components come from single suppliers, leaving production exposed to shortages or supplier disruptions
- Competitive disruption: Larger manufacturers may outspend Toro on disruptive technologies, product development, promotion, and pricing
- Financial risk: CMW acquisition increased leverage and debt-service requirements, with $600.0 million revolving credit facility exposure
Generated from the filing text; verify against the original. How to read a 10-K
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