Press release
Titan Machinery Inc. Announces Results for Fiscal Second Quarter Ended July 31, 2023
- Revenue for Second Quarter of Fiscal 2024 Increased 29.4% to $642.6 million - - Second Quarter of Fiscal 2024 EPS Increased 25% to $1.38 - - Strategic
About this update from Titan Machinery Inc.
[{"type":"text","content":"- Revenue for Second Quarter of Fiscal 2024 Increased 29.4% to $642.6 million - - Second Quarter of Fiscal 2024 EPS Increased 25% to $1.38 - - Strategic Acquisition of J.J. O'Connor & Sons Pty. Ltd., Australia's Leading Case IH Dealership Group - - Updates Fiscal 2024 Modeling Assumptions for Construction and International Segments - WEST FARGO, N.D., Aug. 31, 2023 (GLOBE NEWSWIRE) -- Titan Machinery Inc. (Nasdaq: TITN) (\"Titan\" or the \"Company), a leading network of full-service agricultural and construction equipment stores, today reported financial results for the fiscal second quarter ended July 31, 2023. David Meyer, Titan Machinery’s Chairman and Chief Executive Officer, stated, \"We posted another quarter of strong results, reflecting double-digit same-store revenue growth across all three of our reporting segments. This growth was also balanced across equipment, parts and service — each of which performed well and also delivered solid gross margins, which combined for a consolidated pre-tax margin of 6.5% and diluted earnings per share of $1.38. We remain encouraged by the ongoing demand we are seeing in our business and are working hard to get customers their equipment as OEM production and delivery schedules allow.\" Mr. Meyer continued, \"In conjunction with our second quarter fiscal 2024 financial results, we announced our entry into a definitive agreement for the strategic acquisition of J.J. O'Connor & Sons Pty. Ltd. (\"O'Connors\"), the largest Case IH dealership group in Australia and a market leader in high horsepower equipment. O'Connors has a seasoned management team with a proven track record of driving solid financial performance through a combination of organic and acquisitive growth over nearly six decades. Their operating metrics, core values, and customer-centric focus align with our own, making them a great partner for our entry into the Australian agriculture market, which is benefiting from strong fundamentals that are being driven by enhanced productivity, economies of scale, and farmer profitability. Together, we believe we will be able to build upon their presence in Southeastern Australia and capitalize on operational synergies across our global footprint, generating significant value for our shareholders.\" Fiscal 2024 Second Quarter Results Consolidated Results For the second quarter of fisca...