Titan Machinery (TITN) Tops Q2 EPS by 16c, Revenues Beat

Titan Machinery (NASDAQ: TITN) reported Q2 EPS of $0.28, $0.16 better than the analyst estimate of $0.12. Revenue for the quarter came in at $300 million versus the consensus estimate of $289.61 million.

David Meyer, Titan Machinery’s Chairman and Chief Executive Officer, stated, "Our second quarter results reflect the financial benefits of our fiscal 2018 restructuring efforts and our consistent focus on improving the quality and level of our equipment inventory, which have driven lower operating expenses and improved equipment gross profit margins. In the quarter, we also saw our lower expense base provide strong operating leverage as we experienced higher sales volumes. Along with increased equipment revenues, we also saw increased revenues from our parts and service businesses in the second quarter of fiscal 2019, which benefited from the late start to the spring planting season in many of our domestic and European markets. The strength in our parts and services businesses combined with lower operating expenses led to a significant increase in our second quarter absorption rate, from 80.1% in the second quarter last year to 88.6% in the second quarter this year."

For earnings history and earnings-related data on Titan Machinery (TITN) click here.

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