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Jan 31, 2021
Titan Machinery Q4 2021 Earnings Report
Titan Machinery reported strong Q4 2021 results, driven by equipment business growth and standout performance in the Agriculture segment.
Key Takeaways
Titan Machinery Inc. reported a strong finish to fiscal year 2021, with significant growth in equipment revenue and overall revenue increase in the fourth quarter. The Agriculture segment was a standout performer, contributing to both top and bottom-line growth. The company also saw operating improvements in its Construction segment and growth in the International segment's parts and service business.
Revenue increased to $436.7 million, compared to $351.0 million in the fourth quarter last year.
Equipment revenue increased to $354.0 million, compared to $262.8 million in the fourth quarter last year.
Net income was $0.8 million, or earnings per diluted share of $0.03, compared to $0.7 million, or earnings per diluted share of $0.03 for the fourth quarter last year.
Adjusted net income was $5.3 million, or $0.23 per diluted share, compared to net income of $0.6 million, or $0.02 per diluted share for the fourth quarter last year.
Revenue by Segment
Forward Guidance
The Company expects another strong year of growth in fiscal 2022.
Positive Outlook
- Benefiting from renewed strength in the commodities cycle.
- Staying close to customers with exceptional service.
- Carefully managed cost structure and balance sheet.
- Healthy inventory position
- Improved equipment margins
Challenges Ahead
- Challenging global economy due to the COVID-19 pandemic
- Creates a higher degree of uncertainty.
- Assumptions will continue to be impacted by the challenging global economy
- Includes expenses related to ERP implementation.
- Includes the full year impact of the Phoenix and Tucson, AZ store divestitures in January 2021.
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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