According to Toro's fourth quarter fiscal year 2023 earnings report (released Dec. 20), the company generated $4.55 billion in net sales during the fiscal year vs. $4.51 billion last year. Net sales for the fourth quarter was $983.2. million, down 16% year-over-year from $1.17 billion in 4Q22. 

Professional segment net sales for the fourth quarter were $828.9 million, down 12.3% from $944.7 million in the same period last year. The decrease was primarily driven by lower shipments of contractor-grade lawn care equipment and snow products, and increased floor planning costs, partially offset by higher shipments of underground and specialty construction products, and golf and grounds equipment. Full-year fiscal 2023 professional segment net sales were $3.67 billion, up 7.1% from $3.43 billion last year. 

Residential segment net sales for the fourth quarter were $148.4 million, down 33.6% from $223.5 million in the same period last year. The decrease was primarily driven by lower shipments of products broadly across the segment, partially offset by net price realization. Full-year fiscal 2023 residential segment net sales were $854.2 million, down 20.1% from $1.07 billion last year.

“As we enter the new fiscal year, we expect to benefit from the strength of our portfolio, a more stable supply chain and our new strategic partnership with Lowe," said Chairman and CEO Richard M. Olson. "For our underground and specialty construction, and golf and grounds businesses, we expect a more reliable supply of components will support increased, flexible production capacity within our existing manufacturing footprint. With this, we intend to improve lead times to better serve our customers and reduce the substantial order backlog that has resulted from the sustained strength in demand for these products.

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