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Jan 31, 2023
Titan Machinery Q4 2023 Earnings Report
Reported financial results for the fiscal fourth quarter and full year ended January 31, 2023.
Key Takeaways
Titan Machinery Inc. reported a revenue increase to $583.0 million for the fourth quarter of fiscal 2023, compared to $507.6 million in the fourth quarter last year. Net income for the fourth quarter of fiscal 2023 was $18.1 million, or earnings per diluted share of $0.80, compared to net income of $22.4 million, or earnings per diluted share of $0.99, for the fourth quarter of last year.
Revenue for the fourth quarter of fiscal 2023 increased to $583.0 million, compared to $507.6 million in the fourth quarter last year.
Equipment revenue was $471.0 million for the fourth quarter of fiscal 2023, compared to $413.2 million in the fourth quarter last year.
Net income for the fourth quarter of fiscal 2023 was $18.1 million, or earnings per diluted share of $0.80.
The company generated $32.1 million in adjusted EBITDA in the fourth quarter of fiscal 2023, reflecting a decrease of 10.6% versus the $35.9 million generated in the fourth quarter of last year.
Revenue by Segment
Forward Guidance
The Company's current expectations for fiscal 2024 modeling assumptions are: Agriculture up 20-25%, Construction flat to up 5%, International up 8-13% and Diluted EPS $4.50 - $5.10.
Positive Outlook
- Agriculture segment revenue is expected to increase by 20-25%.
- International segment revenue is expected to increase by 8-13%.
- Diluted EPS is projected to be in the range of $4.50 - $5.10.
- Includes the full year impact of the Mark's Machinery acquisition, which closed in April 2022.
- Includes the full year impact of the Heartland acquisition, which closed in August 2022.
Challenges Ahead
- Construction segment revenue is expected to be flat to up 5%.
- Equipment availability will likely remain a limiting factor in the near-term.
- The fourth quarter was negatively impacted by delayed new equipment shipments.
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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