Titan Machinery Inc. reported increased revenue and earnings per share for the first quarter of fiscal 2024, which ended April 30, 2023. According to Chairman and CEO David Meyer, the company is off to a strong start to its fiscal year. Speaking specifically to the agriculture segment, he says it “continued to drive growth, reflecting healthy underlying industry fundamentals and strong customer demand.”
Consolidated earnings were $569.6 million — an increase of 23.6% from $461.0 million in Q1 FY2023. Baird Equity Research says this was below their consensus estimate of $582 million, which Baird attributed to the impact of delayed new equipment deliveries.
For the agriculture segment alone, the company reported Q1 revenue of $423.2 million, compared to $318.5 million in Q1 FY2023. Titan attributes the revenue increase primarily to the acquisitions of Mark's Machinery in April 2022, Heartland Ag Systems in August 2022 and Pioneer Farm Equipment in February 2023. Same-store growth of 3.8% was achieved on top of a strong performance in the prior year, the company adds. Pre-tax income for Q1 FY2024 in the agriculture segment was $24.2 million, up from $16.4 million in Q1 FY2023.
Titan says earnings per diluted share was $1.19, which represents an increase of 55% over $0.78 in Q1 FY2023. Baird Equity Research says this is “modestly below our $1.21 estimate” but noted that Titan has reiterated its FY2024 EPS guidance of $4.50 - $5.10.
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