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Jul 31, 2021
Titan Machinery Q2 2022 Earnings Report
Revenue increased by 24.4% to $377.6 million, GAAP EPS was $0.50, and adjusted EPS was $0.57.
Key Takeaways
Titan Machinery Inc. reported a strong second quarter with revenue increasing by 24.4% to $377.6 million. The company's GAAP EPS was $0.50 and adjusted EPS was $0.57. Equipment demand momentum continued with equipment revenues increasing 35% versus prior year.
Equipment revenue increased 35% versus prior year.
Consolidated pre-tax income growth of 89% compared to prior year second quarter.
Construction segment pre-tax income grew 105% versus the prior year.
International segment pre-tax income increased by $0.9 million, and on an adjusted basis by $2.4 million, versus the prior year.
Titan Machinery
Titan Machinery
Titan Machinery Revenue by Segment
Revenue by Segment
Agriculture Revenue
CapyFin.comConstruction Revenue
CapyFin.com Forward Guidance
The Company's current expectations for fiscal 2022 modeling assumptions include increased revenue and diluted EPS.
Positive Outlook
- Agriculture revenue up 18-23%
- Construction revenue up 2-7%
- International revenue up 27-32%
- Diluted EPS $2.00 - $2.20
- Inventory shipments are allowing surpassing revenue targets.
Challenges Ahead
- Supply chains remain tight
- Includes the full year impact of the Phoenix and Tucson, AZ store divestitures in January 2021.
- Includes expenses related to ERP implementation.
- Drought conditions in areas of our footprint
- Uncertainty and fluctuating conditions in the capital and credit markets
Revenue & Expenses
Visualization of income flow from segment revenue to net income