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Oct 31, 2021
Titan Machinery Q3 2022 Earnings Report
Revenue increased by 25.8% and GAAP EPS was $0.97.
Key Takeaways
Titan Machinery Inc. reported a strong third quarter with revenue increasing by 25.8% to $454.0 million and GAAP EPS of $0.97. The company's performance was driven by the strength of the agriculture sector and increased equipment demand. They also increased fiscal year 2022 EPS expectations to $2.40-$2.60.
Revenue for the third quarter of fiscal 2022 increased 25.8% to $454.0 million.
GAAP EPS for the third quarter of fiscal 2022 was $0.97 and adjusted EPS was $0.96.
Equipment revenue grew 37% on a consolidated basis in the third quarter.
The company increased fiscal 2022 modeling assumptions and expects fiscal 2022 EPS in the range of $2.40-$2.60.
Revenue by Segment
Forward Guidance
The Company's current expectations for fiscal 2022 modeling assumptions are as follows: Agriculture revenue up 23-28%, Construction revenue up 2-7%, International revenue up 35-40%, and Diluted EPS in the range of $2.40 - $2.60.
Positive Outlook
- Agriculture revenue is expected to increase by 23-28%.
- Construction revenue is expected to increase by 2-7%.
- International revenue is expected to increase by 35-40%.
- Diluted EPS is expected to be in the range of $2.40 - $2.60.
- The company anticipates a partial-quarter contribution from the Jaycox acquisition following its expected closing in early December 2021.
Challenges Ahead
- Supply chains remain challenged.
- The construction segment includes the full year impact of the Phoenix and Tucson, AZ store divestitures in January 2021.
- The international segment assumes an immaterial impact from the divestiture of a single store dealership in Serbia in the third quarter of fiscal 2022.
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
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Avg. Return Before/After Earnings
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