Press release
Titan Machinery Inc. Announces Results for Fiscal Fourth Quarter and Full Year Ended January 31, 2023
- Revenue for Fiscal 2023 Increased 29.1% to $2.2 billion - - Record Fiscal 2023 GAAP EPS of $4.49 and Adjusted EPS of $4.52, an increase of 53.8% and 51.7%,
About this update from Titan Machinery Inc.
[{"type":"text","content":"- Revenue for Fiscal 2023 Increased 29.1% to $2.2 billion - - Record Fiscal 2023 GAAP EPS of $4.49 and Adjusted EPS of $4.52, an increase of 53.8% and 51.7%, respectively - WEST FARGO, N.D., March 16, 2023 (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, 2023. David Meyer, Titan Machinery’s Chairman and Chief Executive Officer, stated, \"Fiscal 2023 was a record year for us, driven by strong execution and our continued commitment to outstanding customer service. We generated sales of $2.2 billion and record adjusted earnings per share of $4.52, reflecting solid organic growth and operating leverage that was further supported by a strong year of acquisition activity — adding 22 store locations over the last 14 months. Our Agriculture segment was the standout performer with strong operational execution which benefited from high demand levels that are being supported by a favorable farm economy. Our Construction and International segments each had a great year as well, highlighted by significant expansion in pre-tax income margin in fiscal 2023, finishing the full year at 6.0% and 6.8%, respectively. We are very pleased with our team, who has driven significant sales growth and improved profitability in this supply constrained environment.\" Fiscal 2023 Fourth Quarter Results Consolidated ResultsFor the fourth quarter of fiscal 2023, revenue 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. Parts revenue was $72.2 million for the fourth quarter of fiscal 2023, compared to $58.5 million in the fourth quarter last year. Revenue generated from service was $28.0 million for the fourth quarter of fiscal 2023, compared to $26.2 million in the fourth quarter last year. Revenue from rental and other was $11.8 million for the fourth quarter of fiscal 2023, compared to $9.8 million in the fourth quarter last year. Gross profit for the fourth quarter of fiscal 2023 was $108.9 million compared to $94.2 million in the fourth quarter last year. The Company's gross profit margin increased to 1...