Titan Machinery (NASDAQ: TITN) reported Q3 EPS of $0.58, $0.23 better than the analyst estimate of $0.35. Revenue for the quarter came in at $360.9 million versus the consensus estimate of $329.34 million.

• Revenue for Third Quarter of Fiscal 2021 was $360.9 million
• GAAP EPS for Third Quarter of Fiscal 2021 was $0.44 and Adjusted EPS was $0.58
• Company Increases Fiscal 2021 Modeling Assumptions

David Meyer, Titan Machinery’s Chairman and Chief Executive Officer, stated, "We exceeded our third quarter top-line expectations due to strong parts and service performance in our Agriculture segment and better than anticipated equipment sales in our Construction and International segments. The stronger revenue, combined with continued success controlling operating expenses and driving down interest expense, resulted in a significant improvement to our pre-tax income. Due to our strong third quarter results and solid agriculture market fundamentals that are supporting our fourth quarter, including improved corn and soybean prices, we are raising our earnings per share guidance for fiscal year 2021. COVID-19 continues to challenge our team and our customer's end markets, however, I'm proud of how our team has responded to the new operating environment as they continue to deliver the high level of support our customers have come to expect."

Mr. Meyer concluded, "Our financial position continues to improve due to strong year-to-date performance and prudent management of our inventory position, which is driving significant increases in cash provided by operating activities. Due to the strong third quarter performance and our outlook for the remainder of fiscal 2021, we are increasing our revenue expectations for all three of our operating segments and raising our earnings per share guidance. We are actively monitoring the current environment and the associated impacts that it may have on our customers, the commodities markets, and our business. We remain focused on keeping our business in a sound condition while we pursue our long-term growth initiatives."

GUIDANCE:

Titan Machinery sees FY2021 EPS of $1.05-$1.15, versus the consensus of $0.85.

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