King of Mowers Gets Clipped!
Shares of Toro (NYSE:TTC) slid further Wednesday in the wake of the company's quarterly report. On Tuesday, Toro posted higher-than-expected second-quarter earnings as growing international sales offset slower homeowner sales dampened by wetter weather across the U.S. The Lawn mower and outdoor maintenance equipment maker said Net income increased to $62 million, or $1.33 a share, compared with $52.2 million, or $1.00 a share in the second quarter of 2004. The numbers exceeded the consensus analyst forecast for earnings of $1.30 a share, however investors were not impressed with the company's outlook. In addition, a post-earnings article by Herb Greenberg of MarketWatch suggested that TTC's future profit potential is less than outstanding.