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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.
Revenue by Segment
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.
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
Analyze how earnings announcements historically affect stock price performance
Avg. Return Before/After Earnings
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