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Jul 31, 2023
Titan Machinery Q2 2024 Earnings Report
Reported strong financial results with revenue and EPS increases, driven by acquisitions and same-store growth across all segments.
Key Takeaways
Titan Machinery Inc. reported a strong second quarter with a 29.4% increase in revenue to $642.6 million and a 25% increase in EPS to $1.38. The results were driven by acquisitions and same-store revenue growth across all three reporting segments.
Revenue increased by 29.4% to $642.6 million compared to the same quarter last year.
Earnings per share increased by 25% to $1.38.
Strategic acquisition of J.J. O'Connor & Sons Pty. Ltd., Australia's Leading Case IH Dealership Group.
The company is updating Fiscal Year 2024 Modeling Assumptions for Construction and International Segments.
Titan Machinery
Titan Machinery
Titan Machinery Revenue by Segment
Revenue by Segment
Agriculture Revenue
CapyFin.comConstruction Revenue
CapyFin.com Forward Guidance
The Company is updating its previous expectations for Fiscal 2024 to reflect the year-to-date performance of its businesses.
Positive Outlook
- Agriculture segment revenue up 20-25%
- Construction segment revenue up 5-10%
- Europe segment revenue up 5-10%
- Australia (O'Connors) revenue $70-90 million
- Diluted EPS $4.60 - $5.25
Challenges Ahead
- The underlying assumption for diluted EPS in the range of $4.50 - $5.10 remains unchanged.
- Includes an estimated loss of approximately $0.07 per share for the Company's Ukrainian subsidiary
- Constraints on the availability of key equipment categories
- Do not anticipate replenishment toward targeted minimum stocking levels for these equipment categories until at least the second half of calendar year 2024
- International business in Europe is trending toward the low-end of our previous assumptions for revenue growth.
Revenue & Expenses
Visualization of income flow from segment revenue to net income