Press release
Titan Machinery Inc. Announces Results for Fiscal Second Quarter Ended July 31, 2022
- Revenue for Second Quarter of Fiscal 2023 Increased 31.5% to $496.5 million - - Record Quarterly EPS of $1.10 for Second Quarter of Fiscal 2023 - -
About this update from Titan Machinery Inc.
[{"type":"text","content":"- Revenue for Second Quarter of Fiscal 2023 Increased 31.5% to $496.5 million - - Record Quarterly EPS of $1.10 for Second Quarter of Fiscal 2023 - - Increases Fiscal 2023 Modeling Assumptions, Expects Fiscal 2023 EPS in Range of $3.70-$4.00 - WEST FARGO, N.D., Aug. 25, 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 second quarter ended July 31, 2022. David Meyer, Titan Machinery’s Chairman and Chief Executive Officer, stated, \"We are pleased to deliver second quarter earnings per share of $1.10 — which marks the highest quarterly earnings performance in our Company's history. This is the result of our team's unrelenting focus on customer service and operating efficiencies, which have translated to a consolidated pre-tax margin of 6.7%. Each of our operating segments contributed to these results, demonstrating our commitment to drive higher rates of pre-tax margin across our entire organization. Our Agriculture segment continues to perform well, and we expect this momentum to continue through the balance of fiscal 2023 with timely deliveries of inventory. Our Construction segment is also experiencing strong equipment demand and notable strength in parts, service and rental resulting in improved pre-tax margin. And, within our International segment, our business is proving to be resilient, particularly within our Ukraine market, where the farming industry has forged ahead with great resolve amid a very turbulent environment due to the ongoing conflict.\" Fiscal 2023 Second Quarter Results Consolidated ResultsFor the second quarter of fiscal 2023, revenue increased to $496.5 million compared to $377.6 million in the second quarter last year. Equipment sales were $375.2 million for the second quarter of fiscal 2023, compared to $272.7 million in the second quarter last year. Parts sales were $77.7 million for the second quarter of fiscal 2023, compared to $65.3 million in the second quarter last year. Revenue generated from service was $33.4 million for the second quarter of fiscal 2023, compared to $29.7 million in the second quarter last year. Revenue from rental and other was $10.3 million for the second quarter of fiscal 2023, compared to $9.9 million in the second quarter last year. ...