Press release
Titan Machinery Inc. Announces Results for Fiscal Fourth Quarter and Full Year Ended January 31, 2020
- Revenue for Fiscal 2020 Increased 3.5% to $1.3 billion - - GAAP EPS for Fiscal 2020 was $0.63 and Adjusted EPS was $0.79, an increase of 14.5% and 17.9%,
About this update from Titan Machinery Inc.
[{"type":"text","content":"- Revenue for Fiscal 2020 Increased 3.5% to $1.3 billion -\n - GAAP EPS for Fiscal 2020 was $0.63 and Adjusted EPS was $0.79, an increase of 14.5% and 17.9%, respectively - - Announces Domestic Acquisition of HorizonWest's Three Store Dealership Complex - WEST FARGO, N.D., March 26, 2020 (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, 2020. David Meyer, Titan Machinery’s Chairman and Chief Executive Officer, stated, “Full year fiscal 2020 performance demonstrated our ability to drive profitability in challenging industry conditions. Modest growth in equipment revenue was supported by strong double-digit growth from our higher margin parts and service businesses. Our commitment to providing strong customer support in parts and service, combined with an efficient operating model, enabled us to drive adjusted earnings per share growth of 17.9% for the year. As we look to fiscal 2021, we remain focused on providing exceptional uninterrupted customer service, safeguarding our employees and managing the controllable aspects of the business as we carefully navigate the COVID-19 global health crisis. We believe the strength of our balance sheet and business model will enable us to achieve long-term top line growth, both organically as well as through acquisitions. Due to the uncertainty surrounding COVID-19, we believe it is prudent to not provide specific full year fiscal 2021 guidance at this time.\" Fiscal 2020 Fourth Quarter Results Consolidated ResultsFor the fourth quarter of fiscal 2020, revenue was $351.0 million, compared to revenue of $359.6 million in the fourth quarter last year. Equipment revenue was $262.8 million for the fourth quarter of fiscal 2020, compared to $284.0 million in the fourth quarter last year. Parts revenue was $52.3 million for the fourth quarter of fiscal 2020, compared to $43.9 million in the fourth quarter last year. Revenue generated from service was $22.0 million for the fourth quarter of fiscal 2020, compared to $18.8 million in the fourth quarter last year. Revenue from rental and other was $13.9 million for the fourth quarter of fiscal 2020, compared to $13.0 million in the fourth quarter last year. Gross profit f...