Titan Machinery reports Q3 EPS $1.32, consensus $1.53

Reports Q3 revenue $694.1M, consensus $727.2M. CEO David Meyer stated, “We accomplished a great deal this quarter, completing our acquisition of the Australia-based O’Connors group and solidifying our leadership succession plan, while delivering solid financial results. In terms of our fiscal Q3 financial performance, we achieved record revenues of $694M despite being constrained by delayed OEM deliveries, prioritizing customer uptime throughout the harvest and end of season construction projects, and increased preparation time to complete pre-delivery inspections of new machinery. This dynamic is also visible in our inventory balance at the end of the quarter, as the amount of on hand pre-sold inventory being prepped in our service shops continues to trend above normal levels. Notwithstanding, customer uptime is our top priority, and our team did a great job of meeting our customers’ immediate service needs and minimizing downtime during the all-important fall season.”