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May 30, 2023 Source: Titan Machinery news release WEST FARGO, N.D. -- Titan Machinery Inc. (Nasdaq: TITN), a leading network of full-service agricultural and construction equipment stores, today reported financial results for the fiscal first quarter ended April 30, 2023. David Meyer, Titan Machinery's Chairman and Chief Executive Officer, stated, "We are off to a solid start to fiscal 2024 with strong first quarter results consistent with our expectations going into the year. Notably, each of our operating segments achieved expansion in pre-tax margins versus the prior year period. "Our Agriculture segment continued to drive growth, reflecting healthy underlying industry fundamentals and strong customer demand. Our equipment business remains strong, albeit hampered by the constrained supply in key product categories. "Our parts and service business also performed well, despite a later start to the planting season in some of our northern markets. We are poised for this momentum in our parts and service business to carry into our fiscal second quarter as our customers complete their spring field work. "We are well positioned to capitalize on the opportunities that lie ahead and are committed to providing world-class service to our customers and delivering strong results for our shareholders." Fiscal 2024 First Quarter Results For the first quarter of fiscal 2024, revenue increased to $569.6 million compared to $461.0 million in the first quarter last year. Equipment revenue was $429.4 million for the first quarter of fiscal 2024, compared to $356.4 million in the first quarter last year. Parts revenue was $96.6 million for the first quarter of fiscal 2024, compared to $68.6 million in the first quarter last year. Revenue generated from service was $34.9 million for the first quarter of fiscal 2024, compared to $29.5 million in the first quarter last year. Revenue from rental and other was $8.7 million for the first quarter of fiscal 2024, compared to $6.6 million in the first quarter last year. Gross profit for the first quarter of fiscal 2024 was $118.6 million, compared to $88.7 million in the first quarter last year. The Company's gross profit margin increased to 20.8% in the first quarter of fiscal 2024, compared to 19.2% in the first quarter last year. The year-over-year increase in gross profit margin in the first quarter was primarily driven by improved new equipment margins. Operating expenses were $81.3 million for the first quarter of fiscal 2024, compared to $64.2 million in the first quarter last year. The year-over-year increase was driven by higher operating expenses related to the acquisitions that have occurred in the past year, as well as higher variable expenses on increased sales volume. Operating expenses as a percentage of revenue increased 40 basis points to 14.3% for the first quarter of fiscal 2024, compared to 13.9% of revenue in the prior year period. The prior year period benefited from a $1.4 million gain associated with the sale of our North Dakota consumer products store, which offset operating expenses during such period. Floorplan and other interest expense was $2.5 million in the first quarter of fiscal 2024, compared to $1.5 million for the same period last year. In the first quarter of fiscal 2024, net income was $27.0 million, or earnings per diluted share of $1.19, compared to net income of $17.5 million, or earnings per diluted share of $0.78, for the first quarter of last year. The Company generated $43.6 million in EBITDA in the first quarter of fiscal 2024, reflecting an increase of 45.7% versus the $29.9 million generated in the first quarter of last year. To read the entire report click here. Tweet |
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