By Chris Wack
Titan Machinery shares were up 13% at $32.88 after reporting second-quarter earnings that beat expectations.
The agricultural and construction equipment store company said it had quarterly earnings of $31.3 million, or $1.38 a share, compared with earnings of $25 million, or $1.10 a share, in the same quarter last year. Analysts polled by FactSet were looking for earnings of $26.2 million, or $1.18 a share.
Revenue for the quarter was $642.6 million, compared with last year’s $496.5 million and the $602.4 million analysts were expecting.
The company said it saw double-digit same-store revenue growth in all three of its reporting segments, balanced across equipment, parts and service.
Titan Machinery said it is expecting earnings of $4.60 to $5.25 a share in fiscal 2024, while analysts are forecasting earnings of $4.90 a share.
The company had cash of $52.8 million at the end of the quarter, while inventories increased to $979.4 million, as of July 31.
Write to Chris Wack at [email protected]
Read the full article here