Toro Company Raises FY21 Guidance – Quick Facts
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.
Virgin Galactic to launch first commercial research mission
(Reuters) – Space travel company Virgin Galactic Holdings Inc said on Thursday it was launching its first commercial research mission named “Unity 23” in partnership with Italian Air Force.
Baxter To Acquire Hillrom In Approx. $10.5 Bln Deal – Quick Facts
Baxter International Inc. (BAX) has agreed to acquire Hillrom (HRC) for $156.00 per share in cash for a total equity value of approximately $10.5 billion. Baxter will also assume Hillrom’s outstanding debt and cash, for a total enterprise value of $12.4 billion. The deal is anticipated to close by early 2022.
Baxter expects the merger to result in approximately $250 million of annual pre-tax cost synergies by the end of year three. The acquisition is projected to be low double-digit accretive to Baxter’s adjusted earnings per share in the first full year post close, increasing to more than 20% by year three.
Baxter issued long-term financial guidance as a standalone entity. The company expects sales to grow 4-5%, compounded annually from 2021 to 2024. On an adjusted basis, Baxter expects to deliver earnings growth of low double digits compounded annually over the same period.
Shares of Hillrom were up nearly 3% in pre-market trade on Thursday.
What to Watch on Fox Nation: Make it a September to remember with new content
Coming Soon: ‘You Bet Your Life with Jay Leno’
As the sun sets on summertime with Labor Day right around the corner, Fox Nation has brand new content to kick off the start of a new season with.
From investigations into the most relevant issues of the day — to shows that’ll take your mind off them — dive into new specials hosted by some of your favorite Fox Nation personalities – like Lara Logan, Judge Jeanine, and more – for a September to remember.
‘TUCKER CARLSON ORIGINALS’ DISCOVERS SHOCKING REVELATIONS ABOUT UFO ACTIVITY ON FOX NATION
The month launches with television icon Jay Leno seeing his Fox Nation debut, beginning today:
All of these titles, and more, are available to stream this September on Fox Nation.
Fox Nation programs are viewable on-demand and from your mobile device app, but only for Fox Nation subscribers. Go to Fox Nation to start a free trial and watch the extensive library from your favorite Fox News personalities.
American Eagle Outfitters Turns To Profit In Q2; Revenues Miss View
American Eagle Outfitters Inc. (AEO) reported a profit for the second-quarter compared to a loss in the prior year. Quarterly net revenues increased 35 percent, while store revenue increased 73 percent. Revenue for the quarter missed analysts’ expectations.
In Thursday pre-market trade, AEO was trading at $26.50 down $3.55 or 11.81%.
The company said it is on path to achieve $600 million in operating income this year, well ahead of its previous target.
The company reported that its second-quarter net income was $121.51 million or $0.58 per share compared to a loss of $13.75 million or $0.08 per share in the prior year.
On a non-GAAP basis, net income for the second-quarter was $125.27 million or $0.60 per share compared to a loss of $479 thousand or break even per share last year. Analysts polled by Thomson Reuters expected the company to report earnings of $0.55 per share for the second-quarter. Analysts’ estimates typically exclude special items.
Total net revenue increased 35 percent to $1.19 billion from $0.88 billion in the second quarter of 2020. Analysts expected revenues of $1.23 billion for the second-quarter.
Consolidated store revenue increased 73 percent from second quarter 2020 due to an improvement in store traffic. Total online demand the quarter was up 9 percent.