Press release
Titan Machinery Inc. Announces Results for Fiscal Third Quarter Ended October 31, 2023
- Record Revenue for Third Quarter of Fiscal 2024 of $694.1 million, with EPS of $1.32 -- Closes Acquisition of J.J. O'Connor & Sons Pty. Ltd. in October 2023
About this update from Titan Machinery Inc.
[{"type":"text","content":"- Record Revenue for Third Quarter of Fiscal 2024 of $694.1 million, with EPS of $1.32 -- Closes Acquisition of J.J. O'Connor & Sons Pty. Ltd. in October 2023 -- Updates Fiscal 2024 Modeling Assumptions - WEST FARGO, N.D., Nov. 30, 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 third quarter ended October 31, 2023. David Meyer, Titan Machinery’s Chairman and Chief Executive Officer, stated, \"We accomplished a great deal this quarter, completing our acquisition of the Australia-based O'Connors group and solidifying our leadership succession plan, while delivering solid financial results. In terms of our fiscal third quarter financial performance, we achieved record revenues of $694 million despite being constrained by delayed OEM deliveries, prioritizing customer uptime throughout the harvest and end of season construction projects, and increased preparation time to complete pre-delivery inspections of new machinery. This dynamic is also visible in our inventory balance at the end of the quarter, as the amount of on hand pre-sold inventory being prepped in our service shops continues to trend above normal levels. Notwithstanding, customer uptime is our top priority, and our team did a great job of meeting our customers' immediate service needs and minimizing downtime during the all-important fall season.\" Fiscal 2024 Third Quarter Results Consolidated Results For the third quarter of fiscal 2024, revenue increased to $694.1 million compared to $668.8 million in the third quarter of last year. Equipment revenue was $521.8 million for the third quarter of fiscal 2024, compared to $509.0 million in the third quarter last year. Parts revenue was $115.0 million for the third quarter of fiscal 2024, compared to $108.7 million in the third quarter last year. Revenue generated from service was $44.8 million for the third quarter of fiscal 2024, compared to $39.0 million in the third quarter last year. Revenue from rental and other was $12.6 million for the third quarter of fiscal 2024, compared to $12.1 million in the third quarter last year. Gross profit for the third quarter of fiscal 2024 was $138.3 million, compared to $139.6 million in the third quarter last...