Titan Machinery Inc

NASDAQ:TITNUnited States

Mar 21, 2024

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• -- GUIDANCE: (TITN) TITAN MACHINERY Expects Fiscal Year 2025 EPS Range $3.00 - $3.50, from 6:46AM ET on Thursday Mar 21, 2024 by MT Newswires

  6:46AM ET on Thursday Mar 21, 2024 by MT Newswires
  Companies Mentioned: TITN
  06:46 AM EDT, 03/21/2024 (MT Newswires) -- ...

• -- Earnings Flash (TITN) TITAN MACHINERY Posts Q4 Revenue $852.1M, vs. Street Est of $735M, from 6:46AM ET on Thursday Mar 21, 2024 by MT Newswires

  6:46AM ET on Thursday Mar 21, 2024 by MT Newswires
  Companies Mentioned: TITN
  06:46 AM EDT, 03/21/2024 (MT Newswires) -- ...

• Titan Machinery Inc. Announces Results for Fiscal Fourth Quarter and Full Year Ended January 31, 2024, from 6:45AM ET on Thursday Mar 21, 2024 by GlobeNewswire

  6:45AM ET on Thursday Mar 21, 2024 by GlobeNewswire
  Companies Mentioned: TITN

• Titan Machinery Inc. Announces Results for Fiscal Fourth Quarter and Full Year Ended January 31, 2024, from 6:45AM ET on Thursday Mar 21, 2024 by Dow Jones

  6:45AM ET on Thursday Mar 21, 2024 by Dow Jones
  Companies Mentioned: TITN
  Retained earnings 397,225 284,784 Accumulated other comprehensive income (loss) 1,760 (5,019) Total stockholders' equity 657,642 536,306 -------------- ------------- Total Liabilities and Stockholders' Equity $ 1,992,261 $ 1,188,695 ============== ============= TITAN MACHINERY INC. Consolidated Statements of Operations (in thousands, except per share data) (Unaudited) Three Months Ended Twelve Months Ended January 31, January 31, -------------------- -------------------------- 2024 2023 2024 2023 ------- --------- Revenue Equipment $714,044 $470,980 $2,145,316 $1,711,559 Parts 90,763 72,222 410,841 327,196 Service 35,137 27,955 157,315 129,803 Rental and other 12,188 11,825 44,973 40,748 ------- ------- --------- --------- Total Revenue 852,132 582,982 2,758,445 2,209,306 Cost of Revenue Equipment 626,898 407,161 1,864,558 1,477,539 Parts 63,146 48,256 279,921 220,418 Service 12,971 10,920 53,981 46,208 Rental and other 8,082 7,780 28,631 25,302 ------- ------- --------- --------- Total Cost of Revenue 711,097 474,117 2,227,091 1,769,467 ------- ------- --------- --------- Gross Profit 141,035 108,865 531,354 439,839 Operating Expenses 100,328 83,675 362,509 301,516 Income from Operations 40,707 25,190 168,845 138,323 Other Income (Expense) Interest and other income 2,173 694 3,300 3,862 Floorplan interest expense (6,028) (788) (13,802) (1,875) Other interest expense (3,294) (1,267) (7,303) (5,069) ------- ------- --------- --------- Income Before Income Taxes 33,558 23,829 151,040 135,241 Provision for Income Taxes 9,595 5,717 38,599 33,373 ------- ------- --------- --------- Net Income $ 23,963 $ 18,112 $ 112,441 $ 101,868 ======= ======= ========= ========= Diluted Earnings per Share $ 1.05 $ 0.80 $ 4.93 $ 4.49 ======= ======= ========= ========= Diluted Weighted Average Common Shares 22,517 22,405 22,499 22,380 ======= ======= ========= ========= TITAN MACHINERY INC. Consolidated Condensed Statements of Cash Flows (in thousands) (Unaudited) Year Ended January 31, ---------------------------- 2024 2023 -------- Operating Activities Net income $ 112,441 $ 101,868 Adjustments to reconcile net income to net cash (used) provided by operating activities Depreciation and amortization 31,479 25,197 Other, net 12,941 19,995 Changes in assets and liabilities, net of effects of acquisitions Inventories (476,389) (180,929) Manufacturer floorplan payable 368,111 69,633 Other working capital (80,863) (24,948) --------- -------- Net Cash (Used) Provided by Operating Activities (32,280) 10,816 Investing Activities Property and equipment purchases (62,361) (37,211) Proceeds from sale of property and equipment 7,134 3,756 Acquisition consideration, net of cash acquired (107,548) (100,471) Other, net (597) (139) --------- -------- Net Cash Used for Investing Activities (163,372) (134,065) Financing Activities Net change in non-manufacturer floorplan payable 183,148 22,334 Net proceeds from long-term debt 6,554 778 Other, net (1,125) (1,153) --------- -------- Net Cash Provided by Financing Activities 188,577 21,959 Effect of Exchange Rate Changes on Cash 1,228 (946) --------- -------- Net Change in Cash (5,847) (102,236) Cash at Beginning of Period 43,913 146,149 --------- -------- Cash at End of Period $ 38,066 $ 43,913 ========= ======== TITAN MACHINERY INC. Segment Results (in thousands) (Unaudited) Three Months Ended January 31, Twelve Months Ended January 31, ------------------------------- ----------------------------------- 2024 2023 Change 2024 2023 Change ------- ------- --------- --------- --------- --------- Revenue Agriculture $620,593 $440,891 40.8 % $2,044,263 $1,601,720 27.6 % Construction 100,095 85,067 17.7 % 332,463 308,457 7.8 % Europe 61,635 57,024 8.1 % 311,910 299,129 4.3 % Australia 69,809 -- *n/m 69,809 -- *n/m ------- ------- --------- --------- Total $852,132 $582,982 46.2 % $2,758,445 $2,209,306 24.9 % ======= ======= ========= ========= Income (Loss) Before Income Taxes Agriculture $ 28,761 $ 19,345 48.7% $ 121,072 $ 102,733 17.9 % Construction 4,599 5,372 (14.4)% 18,346 18,569 (1.2)% Europe (610) 1,514 *n/m 16,487 20,197 (18.4)% Australia 4,115 -- *n/m 4,115 -- *n/m ------- ------- --------- --------- Segment income before income taxes 36,865 26,231 40.5 % 160,020 141,499 13.1 % Shared Resources (3,307) (2,402) 37.7 % (8,980) (6,258) 43.5 % ------- ------- --------- --------- Total $ 33,558 $ 23,829 40.8 % $ 151,040 $ 135,241 11.7 % ======= ======= ========= ========= *n/m = not meaningful TITAN MACHINERY INC. Non-GAAP Reconciliations (in thousands, except per share data) (Unaudited) Three Months Ended Twelve Months Ended January January 31, 31, ------------------------ ---------------------------- 2024 2023 2024 2023 EBITDA Net Income $ 23,963 $ 18,112 $ 112,441 $ 101,868 Adjustments Interest expense, net of interest income 3,104 1,167 6,759 4,730 Provision for income taxes 9,595 5,717 38,599 33,373 Depreciation and amortization 8,608 6,842 31,479 25,197 --- ------ ------- ------- ----------- EBITDA $ 45,270 $ 31,838 $ 189,278 $ 165,168 === ====== ======= ======= ===========