Press release
Titan Machinery Inc. Announces Results for Fiscal Third Quarter Ended October 31, 2022
- Revenue for Third Quarter of Fiscal 2023 Increased 47.3% to $668.8 million - - Third Quarter of Fiscal 2023 EPS Increased 88% to a Record $1.82 - -
About this update from Titan Machinery Inc.
[{"type":"text","content":"- Revenue for Third Quarter of Fiscal 2023 Increased 47.3% to $668.8 million - - Third Quarter of Fiscal 2023 EPS Increased 88% to a Record $1.82 - - Increases Fiscal 2023 EPS Modeling Assumption in Range of $4.55-$4.85 - WEST FARGO, N.D., Nov. 30, 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 third quarter ended October 31, 2022. David Meyer, Titan Machinery’s Chairman and Chief Executive Officer, stated, \"We delivered another consecutive quarter of record financial results, with third quarter earnings per share of $1.82. The ongoing strength of the agriculture sector combined with our customer-centric focus drove consolidated revenue growth of 47%, which was supported by strong contribution across each of our revenue streams — equipment, parts and service. Our business continues to operate with great efficiency, allowing us to drive significant operating leverage on the higher levels of revenue that we have achieved. This is demonstrated in our record consolidated pre-tax margin of 8.2% that we delivered in the fiscal third quarter, with each of our operating segments experiencing pre-tax margin expansion. Given these strong third quarter results, coupled with our expectations for the solid market fundamentals continuing through the fourth quarter, we are increasing our earnings per share modeling assumption for fiscal year 2023 to a midpoint of $4.70 per share.\" Fiscal 2023 Third Quarter Results Consolidated Results For the third quarter of fiscal 2023, revenue increased to $668.8 million compared to $454.0 million in the third quarter last year. Equipment sales were $509.0 million for the third quarter of fiscal 2023, compared to $329.8 million in the third quarter last year. Parts sales were $108.7 million for the third quarter of fiscal 2023, compared to $80.5 million in the third quarter last year. Revenue generated from service was $39.0 million for the third quarter of fiscal 2023, compared to $32.0 million in the third quarter last year. Revenue from rental and other was $12.1 million for the third quarter of fiscal 2023, compared to $11.6 million in the third quarter last year. Gross profit for the third quarter of fiscal 2023 was $139.6 million, compared to $92.5 million ...