Titan Machinery (TITN) Tops Q4 EPS by 1c, Revenues Miss

Titan Machinery (NASDAQ: TITN) reported Q4 EPS of $0.02, $0.01 better than the analyst estimate of $0.01. Revenue for the quarter came in at $351 million versus the consensus estimate of $362.5 million.

David Meyer, Titan Machinery’s Chairman and Chief Executive Officer, stated, “Full year fiscal 2020 performance demonstrated our ability to drive profitability in challenging industry conditions. Modest growth in equipment revenue was supported by strong double-digit growth from our higher margin parts and service businesses. Our commitment to providing strong customer support in parts and service, combined with an efficient operating model, enabled us to drive adjusted earnings per share growth of 17.9% for the year. As we look to fiscal 2021, we remain focused on providing exceptional uninterrupted customer service, safeguarding our employees and managing the controllable aspects of the business as we carefully navigate the COVID-19 global health crisis. We believe the strength of our balance sheet and business model will enable us to achieve long-term top line growth, both organically as well as through acquisitions. Due to the uncertainty surrounding COVID-19, we believe it is prudent to not provide specific full year fiscal 2021 guidance at this time."

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

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