Titan Machinery (TITN) Tops Q3 EPS by 13c, Revenues Beat; Lifts FY19 EPS Guidance Above Consensus

Titan Machinery (NASDAQ: TITN) reported Q3 EPS of $0.49, $0.13 better than the analyst estimate of $0.36. Revenue for the quarter came in at $364 million versus the consensus estimate of $360.2 million.

• Revenue for Third Quarter of Fiscal 2019 Increased 10.1% to $364 million
• EPS for the Third Quarter of Fiscal 2019 was $0.48, or Adjusted EPS of $0.49,Compared to EPS of $0.11, or Adjusted EPS of $0.20, in the Prior Year Period
• Company Updates Fiscal 2019 Modeling Assumptions, including a Raise in EPS Range

David Meyer, Titan Machinery’s Chairman and Chief Executive Officer, stated, "We are pleased with the revenue growth across all segments and the operating leverage we are generating in the business. Our third quarter results are indicative of the efforts we've made over the past couple of years to position our business for improved profitability across all segments. The increase in our Agriculture segment revenue is encouraging given the continued industry challenges. Our improved inventory position is helping drive increases in equipment margins, which, combined with a lower annual operating expense level, is generating improvements in profitability. As a result of these improvements and revenue growth across all segments, adjusted earnings per share grew significantly over the prior year period."

GUIDANCE:

Titan Machinery sees FY2019 EPS of $0.65-$0.75, versus the consensus of $0.59.

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

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