The Toro Company reported a strong financial performance for the third quarter of fiscal 2026, with consolidated net sales reaching $1,225.8 million, an increase of 8.4% compared to $1,131.3 million in the same quarter of the previous year. For the first nine months of fiscal 2026, net sales totaled $3,686.8 million, up 7.0% from $3,444.2 million in the prior year. The growth was primarily driven by increased sales in both the Professional and Residential segments, bolstered by net price realization and contributions from the recent acquisition of Tornado Infrastructure Equipment.
Net earnings for the third quarter were $77.0 million, or $0.81 per diluted share, compared to $53.5 million, or $0.54 per diluted share, in the same quarter last year. For the nine-month period, net earnings increased to $290.3 million, or $2.99 per diluted share, from $243.1 million, or $2.42 per diluted share, in the prior year. The company also reported adjusted net earnings of $126.8 million for the third quarter, reflecting a 7.3% increase in earnings per diluted share compared to the previous year.
The company’s Professional segment saw net sales of $1,012.6 million in the third quarter, an 8.8% increase from $930.8 million in the same quarter last year. The Residential segment also performed well, with net sales rising 8.6% to $209.3 million. The increase in both segments was attributed to higher sales volumes and effective pricing strategies. Additionally, Toro's order backlog remained stable, indicating a healthy demand for its products.
Operationally, Toro has been focusing on efficiency and cost-saving initiatives, including the AMP initiative, which aims to achieve at least $125 million in run-rate savings by fiscal 2027. The company recorded non-cash impairment charges of $43.1 million related to the planned closure of its Monterrey manufacturing facility and the exit of a residential mower platform. Despite these challenges, Toro's liquidity position remains strong, with available liquidity of $1,033.2 million as of July 31, 2026, including cash and cash equivalents of $175.3 million.
Looking ahead, Toro anticipates continued growth driven by its strategic initiatives and the integration of Tornado Infrastructure Equipment. The company remains committed to enhancing its product offerings and expanding its market presence while navigating the complexities of the current economic environment, including inflationary pressures and supply chain challenges.
About TORO CO
The Toro Company designs, manufactures, and markets professional and residential outdoor equipment, including turf maintenance, landscaping, irrigation, snow removal, and construction products. Serving global markets, it offers innovative, high-quality solutions through a broad brand portfolio and extensive distribution channels. Focused on sustainability, safety, and customer service, the company leverages technology, strategic acquisitions, and manufacturing efficiency to maintain industry leadership.
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