Press release
Titan Machinery Inc. Announces Results for Fiscal Fourth Quarter and Full Year Ended January 31, 2021
- Revenue for Fiscal 2021 Increased 8.1% to $1.4 billion - - GAAP EPS for Fiscal 2021 was $0.86 and Adjusted EPS was $1.26, an increase of 36.5% and 50.0%,
About this update from Titan Machinery Inc.
[{"type":"text","content":"- Revenue for Fiscal 2021 Increased 8.1% to $1.4 billion - - GAAP EPS for Fiscal 2021 was $0.86 and Adjusted EPS was $1.26, an increase of 36.5% and 50.0%, respectively - WEST FARGO, N.D., March 18, 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 fourth quarter and full year ended January 31, 2021. David Meyer, Titan Machinery’s Chairman and Chief Executive Officer, stated, \"We completed fiscal 2021 with a strong finish in fourth quarter, driven by our equipment business which grew 35% for the quarter. From a segment perspective, our Agriculture segment was the standout performer for the quarter and fiscal year, generating very strong top and bottom line performance. We are also pleased with the operating improvement in our Construction segment this fiscal year, which generated positive pre-tax income in fourth quarter and full year. While the pandemic and adverse weather conditions have created additional obstacles across our international store footprint, we experienced growth in our International segment parts and service business during the fourth quarter and full year, which has been a focus for us. Looking ahead to fiscal 2022, Titan Machinery is in a great position — we are benefiting from renewed strength in the commodities cycle, we've stayed close to our customers with exceptional service, and we've carefully managed our cost structure and balance sheet to ensure that we drive profitability and remain nimble to react to future opportunities.\" Fiscal 2021 Fourth Quarter Results Consolidated ResultsFor the fourth quarter of fiscal 2021, revenue was $436.7 million, compared to revenue of $351.0 million in the fourth quarter last year. Equipment revenue was $354.0 million for the fourth quarter of fiscal 2021, compared to $262.8 million in the fourth quarter last year. Parts revenue was $49.8 million for the fourth quarter of fiscal 2021, compared to $52.3 million in the fourth quarter last year. Revenue generated from service was $22.9 million for the fourth quarter of fiscal 2021, compared to $22.0 million in the fourth quarter last year. Revenue from rental and other was $9.9 million for the fourth quarter of fiscal 2021, compared to $13.9 million in the fourth quarter last ye...