NASDAQ$TITN
Titan Machinery Inc · Q3 2024 earnings
Q3 2024 earnings · · Investor relations
Briefing
Achieved record revenue despite OEM delivery constraints and prioritized customer uptime.
Titan Machinery Inc. reported record revenues of $694.1 million for the third quarter of fiscal 2024, despite challenges related to OEM deliveries and increased preparation time for machinery inspections. EPS was $1.32, and the company closed the acquisition of J.J. O'Connor & Sons Pty. Ltd.
- Revenue increased to $694.1 million compared to $668.8 million in the third quarter of last year.
- Equipment revenue was $521.8 million, up from $509.0 million in the same quarter last year.
- Net income was $30.2 million, or $1.32 per diluted share, compared to $41.3 million, or $1.82 per diluted share, for the third quarter of last year.
- The company closed on the acquisition of J.J. O'Connor & Sons Pty. Ltd. on October 2, 2023, but those results are not yet consolidated in the reported fiscal 2024 third quarter financials.
Headline financials
Revenue & EPS history
Titan Machinery · Revenue · Quarterly
$694M
Revenue by segment
Titan Machinery · $694M total across 3 segments · Q3 2024
- Agriculture$531M+7.7%76.6%
- Europe$85.2M—12.3%
- Construction$77.5M-10.3%11.2%
Forward guidance
The Company updated its previous expectations for Fiscal 2024 to reflect the year-to-date performance of its businesses.
Tailwinds
- Demand in excess of OEM production for high-horsepower tractors and wheel loaders, which we expect will continue through at least the first half of calendar year 2024.
- Positioned well for a strong fourth quarter.
- Expect year-over-year revenue growth in each of our segments in the fourth quarter.
- Ag and CE customers are experiencing the carry-over of three exceptionally strong years putting them in excellent financial position and creating optimism for the future.
- Over the last 24 months acquired some high quality and strategic dealerships which will strengthen our bottom line as they are fully integrated into our system.
Headwinds
- Recognition of equipment revenue will be dependent on both the timing of new machinery received from the OEMs.
- Ability to manage service department workflows as we continue to experience substantially longer preparation time to complete the quality pre-delivery inspection and set-up process required before delivery to our customers due to supply chain challenges.
- Includes an estimated loss of approximately $0.04 per share for the Company's Ukrainian subsidiary, which would be similar to actual results for such subsidiary in Fiscal 2023.
- Includes the partial year impact of the two-store acquisition in Germany which closed in May 2023.
- Includes the assumption of achieving manufacturer incentives similar to the $6.4 million that was recognized in the prior year, all of which, if achieved, would be recognized in this year's fourth quarter and has an estimated impact of $0.22 per diluted share.
Historical earnings impact
How earnings announcements have historically affected this stock's price.
Avg. return before/after earnings
Based on 19 quarterly earnings reports · overlaid with Q3 2024
-1.0%
Avg return
Earnings day
-0.0%
Avg return
5 days after
-2.2%
Avg return
30 days after
41%
27 / 66 earnings
Positive
+29.1%
Q3 2018
Best reaction
-23.8%
Q4 2023
Worst reaction
| Quarter | Report date | Reaction (Day 0) | +5 days | +30 days |
|---|---|---|---|---|
| Q1 2027 | -13.6% | -15.1% | — | |
| Q4 2026 | -9.1% | +4.4% | +30.8% | |
| Q3 2026 | +18.4% | +12.6% | -5.3% | |
| Q2 2026 | -6.6% | -1.8% | -18.8% | |
| Q1 2026 | +0.0% | -0.7% | +1.2% | |
| Q4 2025 | +12.9% | +22.1% | +10.9% | |
| Q3 2025 | +1.8% | +0.2% | -8.4% | |
| Q2 2025 | +6.9% | -1.6% | +1.1% | |
| Q1 2025 | -19.4% | -23.5% | -30.2% | |
| Q4 2024 | -12.4% | -12.9% | -13.5% | |
| Q3 2024 | -3.3% | -2.1% | +13.3% | |
| Q2 2024 | +1.8% | -1.0% | -8.6% | |
| Q1 2024 | -21.4% | -26.4% | -16.7% | |
| Q4 2023 | -23.8% | -27.5% | -25.6% | |
| Q3 2023 | +21.7% | +20.4% | +13.9% | |
| Q2 2023 | +3.3% | +3.2% | -14.3% | |
| Q1 2023 | +10.2% | +6.1% | -4.5% | |
| Q4 2022 | -17.5% | -11.2% | -22.4% | |
| Q3 2022 | -0.9% | -4.0% | -8.7% | |
| Q2 2022 | -1.8% | -4.0% | -14.0% | |
| Q1 2022 | +20.0% | +35.3% | +24.4% | |
| Q4 2021 | -6.6% | -13.0% | -6.7% | |
| Q3 2021 | -2.4% | -0.9% | -0.2% | |
| Q2 2021 | +9.0% | +14.2% | +2.6% | |
| Q1 2021 | -2.7% | -3.2% | -6.2% | |
| Q4 2020 | +16.8% | +12.0% | +14.7% | |
| Q3 2020 | -21.4% | -25.3% | -20.1% | |
| Q2 2020 | -11.0% | -14.9% | -14.1% | |
| Q1 2020 | +10.9% | +12.5% | +36.5% | |
| Q4 2019 | -20.7% | -19.9% | -13.0% | |
| Q3 2019 | +23.6% | +18.2% | -7.6% | |
| Q2 2019 | +14.4% | +12.7% | -1.9% | |
| Q1 2019 | -18.1% | -13.2% | -26.0% | |
| Q4 2018 | +21.6% | +21.9% | -0.8% | |
| Q3 2018 | +29.1% | +30.6% | +26.7% | |
| Q2 2018 | -22.1% | -23.1% | -0.1% | |
| Q1 2018 | +11.0% | +9.8% | +16.0% | |
| Q4 2017 | -1.1% | -0.1% | +2.2% | |
| Q3 2017 | +7.9% | +14.3% | +12.4% | |
| Q2 2017 | -1.3% | -1.1% | -4.6% | |
| Q1 2017 | -6.8% | -5.7% | -0.7% | |
| Q4 2016 | +5.7% | — | — | |
| Q3 2016 | -18.2% | — | — | |
| Q2 2016 | +28.5% | — | — | |
| Q1 2016 | +17.6% | — | — | |
| Q4 2015 | +1.4% | — | — | |
| Q3 2015 | -2.7% | — | — | |
| Q2 2015 | -1.1% | — | — | |
| Q1 2015 | -3.6% | — | — | |
| Q4 2014 | +25.9% | — | — | |
| Q3 2014 | -6.0% | — | — | |
| Q2 2014 | -2.2% | — | — | |
| Q1 2014 | +0.7% | — | — | |
| Q4 2013 | -16.1% | — | — | |
| Q3 2013 | -16.1% | — | — | |
| Q3 2012 | -1.0% | — | — | |
| Q2 2012 | -22.5% | — | — | |
| Q2 2013 | -22.5% | — | — | |
| Q1 2012 | -18.9% | — | — | |
| Q1 2013 | +0.7% | — | — | |
| Q4 2010 | +28.4% | — | — | |
| Q4 2012 | +10.1% | — | — | |
| Q3 2011 | -3.0% | — | — | |
| Q2 2011 | -22.6% | — | — | |
| Q4 2011 | -22.6% | — | — | |
| Q1 2011 | +0.0% | — | — |
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