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Oct 31, 2020
Titan Machinery Q3 2021 Earnings Report
Reported a flat revenue compared to the prior year, but increased GAAP EPS and Adjusted EPS.
Key Takeaways
Titan Machinery Inc. reported financial results for the fiscal third quarter ended October 31, 2020. Revenue was flat compared to the prior year, but the company saw increases in GAAP EPS and Adjusted EPS. The company also increased its fiscal year 2021 modeling assumptions.
Revenue for the third quarter of fiscal 2021 was $360.9 million.
GAAP EPS for the third quarter of fiscal 2021 was $0.44 and Adjusted EPS was $0.58.
The company is raising its earnings per share guidance for fiscal year 2021.
Agriculture segment revenue increased due to strength in parts and service business.
Titan Machinery
Titan Machinery
Titan Machinery Revenue by Segment
Revenue by Segment
Agriculture Revenue
CapyFin.comConstruction Revenue
CapyFin.com Forward Guidance
The Company increased its revenue expectations for all three operating segments and raised its earnings per share guidance for fiscal 2021.
Positive Outlook
- Agriculture segment revenue is expected to increase by 5-10%.
- Construction segment revenue is expected to be down 0-5%.
- International segment revenue is expected to be down 5-10%.
- Diluted EPS is expected to be $0.83 - $0.93.
- Adjusted Diluted EPS is expected to be $1.05 - $1.15.
Challenges Ahead
- Modeling assumptions will continue to be impacted by the challenging global economy due to the COVID-19 pandemic.
- There is a higher degree of uncertainty in these assumptions compared to a normal environment.
- COVID-19 continues to challenge the team and the customer's end markets.
- Below average yields in certain areas of the International footprint.
- Overall challenging economic and business conditions due to COVID-19 in the International segment.
Revenue & Expenses
Visualization of income flow from segment revenue to net income