Titan Machinery Q3 Profit Beats Estimates, Revenue Up 47.3%; Increases FY23 Earnings Guidance

(RTTNews) - Titan Machinery Inc. (TITN) said, on an adjusted basis, net income for the third quarter was $41.5 million, or adjusted earnings per share was $1.83, compared to adjusted net income of $21.7 million, or adjusted earnings per share of $0.96, a year ago. On average, four analysts polled by Thomson Reuters expected the company to report profit per share of $1.16, for the quarter. Analysts' estimates typically exclude special items.

Third quarter net income was $41.3 million, or earnings per share was $1.82, compared to net income of $21.8 million, or earnings per share of $0.97, last year.

For the third quarter, revenue increased to $668.8 million compared to $454.0 million last year. Analysts on average had estimated $597.35 million in revenue.

David Meyer, Titan Machinery's CEO, said: "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."

The company increased earnings per share modeling assumption for fiscal 2023 to a midpoint of $4.70 per share. The current assumption is $4.55 - $4.85, revised from prior assumption of $3.70 - $4.00.

Shares of Titan Machinery are up 10% in pre-market trade on Wednesday.

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