Press release
Titan Machinery Inc. Announces Results for Fiscal Fourth Quarter and Full Year Ended January 31, 2022
- Revenue for Fiscal 2022 Increased 21.3% to $1.7 billion - - Record Fiscal 2022 GAAP EPS of $2.92 and Adjusted EPS of $2.98, an increase of 239.5% and
About this update from Titan Machinery Inc.
[{"type":"text","content":"- Revenue for Fiscal 2022 Increased 21.3% to $1.7 billion - - Record Fiscal 2022 GAAP EPS of $2.92 and Adjusted EPS of $2.98, an increase of 239.5% and 173.4%, respectively - WEST FARGO, N.D., March 24, 2022 (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, 2022. David Meyer, Titan Machinery’s Chairman and Chief Executive Officer, stated, \"Fiscal 2022 was an exceptional year for Titan Machinery where we delivered record earnings through sound management of our dealership network. This was the product of a tremendous effort by our team, whose unwavering focus provided the fuel to generate these record results. At the segment level, all of our businesses demonstrated significant operating leverage and pre-tax margin expansion, driven by the combination of healthy revenue growth and sound operational execution. The resultant growth of our cash flows and strong balance sheet has provided us with greater flexibility to engage in accretive acquisitions such as the recently closed Jaycox acquisition and the anticipated closing of Mark's Machinery in April 2022. I'm proud of our growing team, their resolve through an extremely fluid operating environment, their commitment to serving our customers, and I look forward to building on our momentum in fiscal 2023.\" Fiscal 2022 Fourth Quarter Results Consolidated ResultsFor the fourth quarter of fiscal 2022, revenue was $507.6 million, compared to revenue of $436.7 million in the fourth quarter last year. Equipment revenue was $413.2 million for the fourth quarter of fiscal 2022, compared to $354.0 million in the fourth quarter last year. Parts revenue was $58.5 million for the fourth quarter of fiscal 2022, compared to $49.8 million in the fourth quarter last year. Revenue generated from service was $26.2 million for the fourth quarter of fiscal 2022, compared to $22.9 million in the fourth quarter last year. Revenue from rental and other was $9.8 million for the fourth quarter of fiscal 2022, compared to $9.9 million in the fourth quarter last year. Gross profit for the fourth quarter of fiscal 2022 increased to $94.2 million compared to $67.7 million in the fourth quarter last year. The Company's gross prof...