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Titan Machinery
🇺🇸 NASDAQ:TITN
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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.

Total Revenue
$454M
Previous year: $361M
+25.8%
EPS
$0.96
Previous year: $0.58
+65.5%
Gross Profit
$92.5M
Previous year: $72.6M
+27.5%
Cash and Equivalents
$90.5M
Previous year: $41.8M
+116.6%
Total Assets
$855M
Previous year: $901M
-5.1%

Titan Machinery

Titan Machinery

Titan Machinery 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.
  • Expenses related to ERP implementation are included in the diluted EPS estimate.
  • The diluted EPS estimate is subject to risks and uncertainties that may cause actual results to differ materially from the forecasted assumptions.

Revenue & Expenses

Visualization of income flow from segment revenue to net income

Company Overview

Full financial data and analysis

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