RTTNews | Sep 2, 2021 09:09AM EDT

09:08 Thursday, September 2, 2021 (RTTNews.com) - While reporting strong third-quarter results on Thursday, The Toro Company (TTC) increased its fiscal 2021 guidance. Looking forward, the company said it is actively prioritizing investments in key technology areas of alternative power, smart connected and autonomous.

"We are positioned to deliver excellent results for the full fiscal year, including record organic growth as we approach $4 billion in annual revenue," said Richard Olson, CEO.

For fiscal 2021, the company now expects net sales growth of about 17%, up from a range of 12% to 15% previously, and adjusted earnings per share in the range of $3.53 to $3.57, up from the prior range of $3.45 to $3.55. Analysts polled by Thomson Reuters expect the company to report profit per share of $3.55. Analysts' estimates typically exclude special items.

Third quarter adjusted earnings per share was $0.92, up 12.2% from $0.82, last year. On average, six analysts polled by Thomson Reuters expected the company to report profit per share of $0.76, for the quarter. Adjusted gross margin was 33.9%, down 130 basis points compared with 35.2%, last year. The company said the decline was primarily due to higher material and freight costs, partially offset by net price realization and productivity improvements.

Net earnings were $96.3 million, up 8.3% from $89.0 million. Reported earnings per share was $0.89, up 8.5% from $0.82.

Net sales were $976.8 million, up 16.2% from $841.0 million, last year. Analysts expected revenue of $939.94 million, for the quarter.

Shares of Toro Company were up 3% in pre-market trade on Thursday.

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