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Apr 30, 2023
Titan Machinery Q1 2024 Earnings Report
Titan Machinery's first quarter of fiscal 2024 earnings were reported, showing revenue increased by 23.6% and EPS increased by 55%.
Key Takeaways
Titan Machinery Inc. reported a strong start to fiscal 2024, with revenue increasing by 23.6% to $569.6 million and EPS increasing by 55% to $1.19. The company's agriculture segment continued to drive growth, and each operating segment achieved expansion in pre-tax margins.
Revenue for the first quarter of fiscal 2024 increased 23.6% to $569.6 million.
First quarter of fiscal 2024 EPS increased 55% to $1.19.
Each operating segments achieved expansion in pre-tax margins versus the prior year period.
Company reiterated fiscal 2024 EPS modeling assumption range of $4.50-$5.10.
Titan Machinery
Titan Machinery
Titan Machinery Revenue by Segment
Revenue by Segment
Agriculture Revenue
CapyFin.comConstruction Revenue
CapyFin.com Forward Guidance
The Company is reiterating its previous expectations for Fiscal 2024.
Positive Outlook
- Agriculture segment revenue is expected to be up 20-25%.
- Construction segment revenue is expected to be flat to up 5%.
- International segment revenue is expected to be up 8-13%.
- Diluted EPS is expected to be in the range of $4.50 - $5.10.
- Company remains focused on procuring high demand equipment categories to support our customers needs and positioning our business for the long-term while continuing to pursue accretive acquisitions.
Challenges Ahead
- Anticipate ebbs and flows between quarters for the balance of our fiscal year due to timeliness of equipment shipments and supply chain constraints.
- Includes an estimated loss of approximately $0.07 per share for our Ukraine subsidiary, which would be similar to actual results for such subsidiary in Fiscal 2023.
- Supply chain disruptions impacting suppliers, including CNH Industrial.
- Fluctuating agriculture and construction industry economic conditions.
- Weather conditions.
Revenue & Expenses
Visualization of income flow from segment revenue to net income