The Toro Company Increases Regular Quarterly Cash Dividend by 13 Percent

Rhea-AI Summary

The Toro Company (NYSE: TTC) has announced a quarterly cash dividend of $0.34 per share, representing a 13% increase from the previous $0.30. This marks the 14th consecutive year of dividend increases. The dividend is payable on January 11, 2023, to shareholders of record by December 28, 2022. Additionally, the Board approved a stock repurchase program allowing the buyback of up to 5 million shares.

Positive

• Dividend raised to $0.34 per share, a 13% increase.
• 14th consecutive year of dividend growth.
• Stock repurchase program authorized for 5 million shares.

Negative

• None.

BLOOMINGTON, Minn.--(BUSINESS WIRE)-- The Toro Company (NYSE: TTC) today announced that its Board of Directors has declared a regular quarterly cash dividend of $0.34 per share, an increase of 13 percent over the previous $0.30 per share. This marks the 14^th consecutive year that the company has increased its dividend. This dividend is payable on January 11, 2023, to shareholders of record at the close of business on December 28, 2022.

Additionally, the Board of Directors authorized the repurchase of up to an additional 5 million shares of The Toro Company’s Common Stock through open-market or in privately negotiated transactions from time to time and in such amounts as management deems appropriate.

About The Toro Company

The Toro Company (NYSE: TTC) is a leading worldwide provider of innovative solutions for the outdoor environment including turf and landscape maintenance, snow and ice management, underground utility construction, rental and specialty construction, and irrigation and outdoor lighting solutions. With sales of $4.0 billion in fiscal 2021, The Toro Company’s global presence extends to more than 125 countries through a family of brands that includes Toro, Ditch Witch, Exmark, Spartan Mowers, BOSS Snowplow, Ventrac, American Augers, Trencor, Pope, Subsite Electronics, HammerHead, Radius HDD, Perrot, Hayter, Unique Lighting Systems, Irritrol, and Lawn-Boy. Through constant innovation and caring relationships built on trust and integrity, The Toro Company and its family of brands have built a legacy of excellence by helping customers work on golf courses, sports fields, construction sites, public green spaces, commercial and residential properties and agricultural operations. For more information, visit www.thetorocompany.com.

View source version on businesswire.com: https://www.businesswire.com/news/home/20221213006028/en/

Investor Relations

Jeremy Steffan

Director, Investor Relations

(952) 887-7962, jeremy.steffan@toro.com

Media Relations

Branden Happel

Senior Manager, Public Relations

(952) 887-8930, branden.happel@toro.com

Source: The Toro Company

FAQ

What is the new dividend amount for The Toro Company (TTC)?

The new dividend amount is $0.34 per share.

When will the dividend for The Toro Company be paid?

The dividend will be paid on January 11, 2023.

What is the significance of the dividend increase for TTC shareholders?

The 13% increase marks the 14th consecutive year of dividend growth, indicating strong shareholder returns.

How many shares can The Toro Company repurchase?

The Toro Company can repurchase up to 5 million shares.

What date is the record for the dividend payment?

The record date for the dividend payment is December 28, 2022.