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FULL YEAR: TITAN MACHINERY'S REVENUE UP 25%, NET INCOME UP 10%: $112.4 MILLION
Mar. 28, 2024
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 fourth quarter and full year ended January 31, 2024.
"We finished fiscal year 2024 with a strong performance that was driven by growth across all of our legacy operating segments and resulted in record revenue of $2.8 billion, consolidated pre-tax margin of 5.5%, and record earnings per share of $4.93," stated Bryan Knutson, Titan Machinery's President & Chief Executive Officer.
"The fourth quarter includes financial results of our recent O'Connors acquisition and integration activities are reinforcing the strategic vision we have for this business. In addition to strong retail sales activity during the quarter, our domestic team met demand through improving the pace of customer deliveries following a concerted effort to complete pre-delivery inspections of new machinery - this focus can be seen in the high volume of equipment that was delivered in the quarter.
"I am also pleased with our ability to continue to advance our customer care strategy and to drive double-digit same store growth for our recurring parts and service business."
Fiscal 2024 Full Year Results
Revenue increased 24.9% to $2.8 billion for fiscal 2024. Net income for fiscal 2024 was $112.4 million, or a record $4.93 per diluted share, which included approximately $0.26 per share of benefits associated with manufacturer incentive plans. This compares to $101.9 million, or $4.49 per diluted share, for the prior year, which included approximately $0.21 per share of benefits associated with manufacturer incentive plans. The Company generated EBITDA of $189.3 million in fiscal 2024, representing an increase of 14.6% compared to EBITDA of $165.2 million in fiscal 2023.
To read the entire report click here.
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