Titan Machinery (TITN) Misses Q1 EPS by 3c

Titan Machinery (NASDAQ: TITN) reported Q1 EPS of ($0.19), $0.03 worse than the analyst estimate of ($0.16). Revenue for the quarter came in at $264 million versus the consensus estimate of $256.45 million.

David Meyer, Titan Machinery’s Chairman and Chief Executive Officer, stated, "Overall first quarter financial results were generally in line with our expectations. Due to the stabilizing Agriculture equipment inventory environment and the progress we have made in reducing our equipment inventory, we are seeing equipment margin improvement sooner than originally expected, as well as stronger equipment demand within our International segment. Offsetting these developments were higher than anticipated operating expenses due to delayed benefits resulting from our restructuring efforts. We are confident in our estimate that the restructuring initiative will result in annual expense reductions of $25 million, however due to later than anticipated implementation, the cost savings for fiscal 2018 will be less than previously expected. We continue to be well positioned for improved bottom line results in fiscal 2018 despite continued soft demand in our domestic Agriculture and Construction markets. In addition, our restructuring efforts and continued focus on reducing equipment inventory positions us well for the future.”

For earnings history and earnings-related data on Titan Machinery (TITN) click here.

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