The Toro Company - Company Profile
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Business Description
The Toro Company (Toro) provides outdoor environment products and related services. Toro designs, manufactures, and markets snow and ice management products, turf irrigation systems, agricultural irrigation systems, specialty and underground construction equipment, professional turf maintenance equipment and services, landscaping equipment and lighting products, and residential yard and snow thrower products. It serves various customer segments such as professional contractors, rental companies, groundskeepers, golf courses, underground construction professionals, agricultural growers, government and educational institutions, homeowners, sports venues, and historic sites. Toro operates its business through three segments: Professional, Residential and Other. In FY2023, the company’s capital expenditure stood at US$1439.5 million, which declined increased 0.8% YoY.
R&D Overview
The company’s research and development efforts focus on innovative products to address problems. Toro invests in new technology to develop robotic lawnmower and a GPS-guided sprayer to automatically turn individual nozzles on and off. The company is focusing on three key areas; alternative power, autonomous solutions and smart connected products to enable people to manage their homes and devices from anywhere.
Business Segments
Overview
Includes domestic distribution company operations, corporate activities, other income, and interest expenses. In FY2023, the segment incurred a capital expenditure of US$24 million which grew 31.9% YoY.
Performance
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Overview
Manufactures and markets equipment for professional turf; rental, specialty and specialty construction; landscape and lighting; snow and ice management; and agricultural products. -Sells products through a network of distributors and dealers, and directly to government clients, rental firms, and retailers. -Toro’s brands include Toro, Ditch Witch, eXmark, Spartan, BOSS®, Ventrac, American Augers, Trencor, Pope, Subsite, HammerHead, Radius, PERROT, Hayter, Unique Lighting Systems, Irritrol, and Lawn-Boy, most of which are registered in the United States. -Product offerings for golf market include, riding and walking mowers for putting greens and specialty areas; utility vehicles; aeration equipment; greens rollers; turf sprayer equipment; reel and rotary riding products for fairway, rough and trim cutting; and bunker maintenance equipment. Also produces and markets underground irrigation systems for the golf market, including sprinkler heads, turf sensors; controllers; and electric, battery-operated, and hydraulic valves. -Product offerings for landscape contractor market include zero-turn radius riding mowers, lawn solutions, mid-size walk behind mowers, stand-on mowers, heavy-duty walk behind mowers, turf renovation and tree care equipment. Markets products to landscape contractors under the Toro and eXmark brands. -Product offerings for sports fields and grounds market include infield grooming equipment, riding rotary and reel mowers and attachments, aerators, multipurpose vehicles and debris management products Manufactures and markets irrigation systems including controllers, sprinkler heads, turf sensors, and electric, battery-operated and hydraulic valves for the sports fields and grounds market under the Toro and PERROT brands. -Product offerings for underground construction market include, drill pipe, utility inspection systems, horizontal directional drills and trenchers, starter rods and quick connects, reamers and swivels, utility locators, horizontal directional drilling support equipment, rock tools, bits and blades, drive chucks and sub savers, and equipment machine controls. -Products for rental and specialty construction market, include, compact utility loaders/skid steers; stump grinders; walk-behind trenchers; and turf renovation products. Sells products to rental companies and large retailers, and through dealers. -Products for snow and ice management market includes salt and sand spreaders, snowplows and related parts; and accessories for light and medium duty trucks, skid steers, all-terrain vehicles, utility task vehicles, and front-end loaders. Sells products through distributors and dealers. -Products for commercial irrigation and lighting market, include, electric control devices; rotors; plastic, brass and hydraulic valves; drip tubing and subsurface irrigation; sprinkler bodies and nozzles; and wired and wireless rain, freeze, climate and soil sensors. Markets products under the Toro and Irritrol brands. Also manufactures and markets lighting products such as lighting fixtures and transformers for commercial and residential landscapes under the Unique Lighting Systems brand. -Products for the agricultural-irrigation market include Aqua-Traxx PBX drip tape, Blue Stripe polyethylene tubing, Neptune flat emitter dripline, BlueLine drip line and NGE emitters. Also offers design software, control devices and connection options. Sells through dealers and distributors. In FY2023, the segment incurred a capital expenditure of US$79.9 million which declined 15.3% YoY.
Performance
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Overview
Provides outdoor power equipment and home solutions products to homeowners and related service providers. -Product offerings include walk power mowers; riding products; gas-powered single-stage and two-stage snow thrower models; electric and battery hedge trimmers; electric and battery-powered single-stage snow thrower models; electric, gas and battery grass trimmers; and electric, gas and battery blower-vacuums. -Brands: Toro, Pope, Lawn-Boy and Hayter. -This segment has contributed net sales of 23.7%. -Its products are sold to homeowners through outdoor power equipment distributors and dealers, hardware retailers, mass retailers, and home centers and in e-commerce sites. In FY2023, the segment incurred a capital expenditure of US$45.6 million which grew 47.1% YoY.
Performance
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Geographical Segments
Performance
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Performance
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