Toro Company (NYSE:TTC) is repositioning its professional and underground infrastructure operations as key drivers of growth, stated incoming CEO Edric Funk at D.A. Davidson’s conference in Nashville on October 3. Funk, who takes over as CEO on November 1, emphasized Toro’s focus on clientele in land management, irrigation, and underground construction, alongside traditional markets like snow removal.
Funk reported that Toro’s underground infrastructure business, bolstered by the acquisition of Charles Machine Works, addresses essential needs in power, water, and fiber infrastructure. He highlighted significant challenges like the loss of approximately 6 billion gallons of drinking water daily due to infrastructure issues. He revealed that Toro’s AMP productivity initiative now targets $125 million in annual savings, with over 120% free cash flow conversion achieved.
Looking ahead, Toro anticipates a return to double-digit earnings growth and is focusing on innovative technologies, including electric and autonomous equipment, to enhance market performance. Funk noted strong engagement in the golf sector, with continued investment and high demand for associated equipment.
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