Press release
Titan Machinery Inc. Announces Preliminary Results for Fiscal Second Quarter Ended July 31, 2024
– Updates Fiscal 2025 Modeling Assumptions – – Company to Hold Conference Call to Discuss Fiscal Second Quarter Results on August 29, 2024 – WEST FARGO, N.D.,
About this update from Titan Machinery Inc.
[{"type":"text","content":"– Updates Fiscal 2025 Modeling Assumptions – – Company to Hold Conference Call to Discuss Fiscal Second Quarter Results on August 29, 2024 – WEST FARGO, N.D., Aug. 14, 2024 (GLOBE NEWSWIRE) -- Titan Machinery Inc. (Nasdaq: TITN) (the “Company”), a leading network of full-service agricultural and construction equipment stores, today announced preliminary results for the fiscal second quarter ended July 31, 2024. “Lower commodity prices and sustained high interest rates, along with mixed growing conditions across our footprint, have negatively affected farmer sentiment resulting in lower agriculture equipment sales in our fiscal second quarter,” commented Bryan Knutson, Titan Machinery's President and Chief Executive Officer. “Commodity prices for most key cash crops in our footprint have steadily declined since the beginning of the year and retreated by an additional 10 to 20% in the second quarter. As we navigate the current contractionary cycle, we are focused on reducing inventory levels, particularly used equipment, implementing cost controls and supporting our customer care strategy to grow our parts and service businesses. We are confident in our long-term customer-centric strategy and believe that our business model, which has integrated numerous efficiencies and process improvements since the last industry downturn, positions us well to manage through the current challenging environment.” Preliminary Expected Fiscal 2025 Second Quarter Results For the second quarter of fiscal 2025, revenue is expected to be approximately $634 million, primarily reflecting lower than expected equipment revenues due to incrementally softer retail demand. This is preliminarily expected to result in adjusted pre-tax income for the second quarter of fiscal 2025 of approximately $6.9 million ($4.3 million pre-tax loss on a GAAP reported basis) and adjusted earnings per diluted share of approximately $0.17 ($0.19 loss per diluted share on a GAAP reported basis), on approximately 22.6 million weighted average diluted common shares outstanding. The adjusted pre-tax income and adjusted earnings per diluted share exclude a non-cash sale-leaseback financing expense of an estimated $11.2 million or $0.36 per diluted share, as discussed below. The Company has not yet completed preparation of its interim financial statements for the second quarter of fi...