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Apr 30, 2022
Titan Machinery Q1 2023 Earnings Report
Reported a revenue increase of 23.7% and EPS of $0.78.
Key Takeaways
Titan Machinery Inc. reported strong first-quarter results with a 23.7% increase in revenue to $461.0 million and EPS of $0.78. The company's performance was driven by robust demand in the Agriculture segment and improved profitability in the Construction segment. Despite challenges in the International segment due to the conflict in Ukraine, the company remains positive about its outlook and expects another exceptional year.
Revenue increased 23.7% to $461.0 million compared to the first quarter last year.
EPS was $0.78, and adjusted EPS was $0.79.
Agriculture segment revenue increased significantly, driven by strong demand and increased equipment deliveries.
Construction segment demonstrated improved pre-tax profitability through operating improvements.
Titan Machinery
Titan Machinery
Titan Machinery Revenue by Segment
Revenue by Segment
Agriculture Revenue
CapyFin.comConstruction Revenue
CapyFin.com Forward Guidance
The Company expects fiscal 2023 EPS in the range of $2.85-$3.15.
Positive Outlook
- Agriculture segment revenue is expected to increase by 27-32%.
- Includes the full year impact of the Jaycox acquisition, which closed in December 2021.
- Includes the partial year impact of the Mark's Machinery acquisition, which closed in April 2022.
- Construction same-store sales assumption of up approximately 10-15%.
- Reduction in revenue of approximately 50% from their Ukraine subsidiary compared to fiscal 2022.
Challenges Ahead
- Construction segment revenue is expected to decrease by 10-15%.
- Includes the full year impact of the Montana and Wyoming divestiture in January 2022.
- Includes the partial year impact of the North Dakota divestiture in March 2022.
- International segment revenue is expected to decrease by 0-5%.
- Includes an estimated loss of approximately $0.15 per share for their Ukraine subsidiary.
Revenue & Expenses
Visualization of income flow from segment revenue to net income