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WEST FARGO, N.D. - Titan Machinery Inc. (NASDAQ:TITN) reported better-than-expected fiscal first quarter results on Thursday.
The company’s shares were up 3.06% in pre-market trading follwoing the earnings release.
The agricultural and construction equipment dealer posted a loss of $0.58 per share for the quarter ended April 30, beating analyst estimates for a loss of $0.91 per share. Revenue came in at $594.3 million, surpassing expectations of $465.1 million.
Despite the earnings beat, Titan’s results still declined significantly compared to the same quarter last year when the company reported earnings of $0.41 per share on revenue of $628.7 million.
"Our fiscal first quarter results demonstrated our ability to advance our short term goals in a challenging market environment," said Bryan Knutson, Titan Machinery’s President and CEO. He noted the stronger-than-expected top-line performance primarily reflected timing of pre-sold equipment deliveries rather than increased demand.
The company’s agriculture segment saw revenue decline 14.1% YoY to $384.4 million, while the construction segment revenue was relatively flat at $72.1 million. The Europe segment was a bright spot, with revenue surging 44.2% to $93.9 million.
Titan Machinery reiterated its full-year adjusted earnings per share guidance of ($1.25) to ($2.00), compared to analyst consensus of ($1.80).
Management expects continued headwinds in the agricultural sector due to weak farmer profitability, but remains focused on inventory reduction initiatives and customer care strategies to navigate the downturn.
The company ended the quarter with $21.5 million in cash and $1.1 billion in inventory.
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