Press release
Titan Machinery Inc. Announces Results for Fiscal First Quarter Ended April 30, 2021
- Revenue for First Quarter of Fiscal 2022 Increased 20.1% to $372.7 million - - GAAP EPS for First Quarter of Fiscal 2022 was $0.47 and Adjusted EPS was
About this update from Titan Machinery Inc.
[{"type":"text","content":"- Revenue for First Quarter of Fiscal 2022 Increased 20.1% to $372.7 million - - GAAP EPS for First Quarter of Fiscal 2022 was $0.47 and Adjusted EPS was $0.46 - - Company Increases Fiscal 2022 Modeling Assumptions - WEST FARGO, N.D., May 27, 2021 (GLOBE NEWSWIRE) -- Titan Machinery Inc. (Nasdaq: TITN), a leading network of full-service agricultural and construction equipment stores, today reported financial results for the fiscal first quarter ended April 30, 2021. David Meyer, Titan Machinery’s Chairman and Chief Executive Officer, stated, \"The fiscal first quarter exceeded our expectations on all fronts with impressive operating leverage that showcases the earnings power of our efficient dealership network. On a consolidated basis, we drove a 26% increase in equipment sales and a 10% increase in our combined parts and service business during the quarter compared to the prior year. At the segment-level, we are very happy with our Agriculture segment, which generated pre-tax income growth of 82%. We are also pleased with the continued progress we are making in our Construction segment, which generated solid top-line growth and drove another quarter of positive pre-tax income and builds upon the momentum from its profitable fiscal 2021 performance. Our International segment experienced a resurgence during the quarter with strong equipment demand and delivered a corresponding improvement in pre-tax income as well. I'm proud of our team's performance and pleased to share this success with all our stakeholders.\" Fiscal 2022 First Quarter Results Consolidated ResultsFor the first quarter of fiscal 2022, revenue increased to $372.7 million compared to $310.2 million in the first quarter last year. Equipment sales were $276.0 million for the first quarter of fiscal 2022, compared to $218.5 million in the first quarter last year. Parts sales were $62.6 million for the first quarter of fiscal 2022, compared to $56.6 million in the first quarter last year. Revenue generated from service was $27.7 million for the first quarter of fiscal 2022, compared to $25.6 million in the first quarter last year. Revenue from rental and other was $6.4 million for the first quarter of fiscal 2022, compared to $9.5 million in the first quarter last year. Gross profit for the first quarter of fiscal 2022 was $71.0 million, compared to $58.4 million in t...