Press release
Titan Machinery Inc. Announces Results for Fiscal Third Quarter Ended October 31, 2020
- Revenue for Third Quarter of Fiscal 2021 was $360.9 million - - GAAP EPS for Third Quarter of Fiscal 2021 was $0.44 and Adjusted EPS was $0.58 - - Company
About this update from Titan Machinery Inc.
[{"type":"text","content":"- Revenue for Third Quarter of Fiscal 2021 was $360.9 million -\n - GAAP EPS for Third Quarter of Fiscal 2021 was $0.44 and Adjusted EPS was $0.58 - - Company Increases Fiscal 2021 Modeling Assumptions - WEST FARGO, N.D., Nov. 24, 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 third quarter ended October 31, 2020. David Meyer, Titan Machinery’s Chairman and Chief Executive Officer, stated, \"We exceeded our third quarter top-line expectations due to strong parts and service performance in our Agriculture segment and better than anticipated equipment sales in our Construction and International segments. The stronger revenue, combined with continued success controlling operating expenses and driving down interest expense, resulted in a significant improvement to our pre-tax income. Due to our strong third quarter results and solid agriculture market fundamentals that are supporting our fourth quarter, including improved corn and soybean prices, we are raising our earnings per share guidance for fiscal year 2021. COVID-19 continues to challenge our team and our customer's end markets, however, I'm proud of how our team has responded to the new operating environment as they continue to deliver the high level of support our customers have come to expect.\" Fiscal 2021 Third Quarter Results Consolidated ResultsFor the third quarter of fiscal 2021, revenue was flat versus prior year at $360.9 million. Equipment sales were $240.9 million for the third quarter of fiscal 2021, compared to $246.0 million in the third quarter last year. Parts sales were $76.8 million for the third quarter of fiscal 2021, compared to $70.8 million in the third quarter last year. Revenue generated from service was $30.7 million for the third quarter of fiscal 2021, compared to $27.6 million in the third quarter last year. Revenue from rental and other was $12.5 million for the third quarter of fiscal 2021, compared to $16.6 million in the third quarter last year. Gross profit for the third quarter of fiscal 2021 was $72.6 million, compared to $71.8 million in the third quarter last year. Gross profit margin increased 20 basis points to 20.1% versus the comparable period last year. The increase in gross profit margin ...