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The Toro Company Provides Business Updates Related to COVID-19 Impact
People & Plant Operations
The company has preparedness and response plans in place at its facilities and has taken actions to keep employees safe and healthy. In line with guidelines from the
The company intends to continue operations to the extent possible as an essential critical infrastructure business; however, it is presently temporarily suspending production or reducing levels of production at certain facilities due to the effects of the virus, including anticipated reduced demand for products in certain businesses.
Strong Balance Sheet and Liquidity
The company continues to have a strong balance sheet and liquidity profile, with no significant debt maturities until
With the funding of the term loan, the company will have liquidity of approximately
The company is taking additional prudent measures to further increase financial flexibility and liquidity during this period, including: reviewing all options to reduce discretionary spending; deferring non-essential capital expenditures; optimizing working capital; and continuing curtailment of share repurchases.
“I believe that we have the right people, plans, systems and resources to face these unprecedented challenges. We are focused on operational efficiencies and are prudently managing our balance sheet to provide additional flexibility as we navigate this uncertain environment,” said Olson.
Outlook and Withdrawal of Financial Guidance
As a result of the many and evolving COVID-19 related factors, risks and challenges that could negatively impact The Toro Company’s business, the company does not have the ability to predict the level of impact on its businesses and financial results for the fiscal 2020 second quarter or for the remainder of fiscal 2020 at this time. Accordingly,
The company is not updating its outlook at this time but plans to share further updates in its second-quarter earnings announcement and conference call expected to be held on