13.63
price up icon3.34%   0.44
after-market After Hours: 13.63
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Why is Titan Machinery Inc (TITN) Stock down?

We've noticed a 6.45% decline in Titan Machinery Inc (TITN) stock during the 2024-12-18 trading session. While this could be attributed to normal volatility or various internal and external factors, please be aware that we are actively monitoring the situation, and we'll provide timely updates as soon as possible!
30 Nov, 2023:

Shares of Titan Machinery Inc (TITN) dropped by 10.28% from $25.48 to $22.86 in the trading on Thursday, November 30, 2023. The reason why TITN is down today is due to disappointing Q3 fiscal 2024 results.

  • Earnings Miss: Titan Machinery reported an EPS of $1.32 for Q3 fiscal 2024, falling short of the expected $1.51 and representing a 27% decline from the previous year's EPS of $1.82.
  • Revenue Increase: While total Q3 revenues reached a record $694 million, up 4% from the prior year, it fell below the consensus estimate of $723 million. Equipment revenues rose 2.5% to $522 million, parts revenues increased 6% to $115 million, service revenues were up 15% to $45 million, and rental revenues grew by 4% to $12.6 million.
  • Costs and Margins: The cost of sales increased by 5%, leading to a 0.9% decrease in gross profit to $138 million. Gross margin dropped from 20.9% to 19.9%. Operating expenses rose 8.5% to $92 million, impacting the adjusted EBITDA, which fell by 21% to $50 million.
  • Segment Performance: Agriculture revenues grew by 7.7% to $531 million, but income before taxes for this segment declined by 16.4% year over year to $35 million. Construction revenues were $77.5 million, down 10% due to a shift in equipment deliveries. Europe revenues decreased to $85 million from $89 million, resulting in a 39% drop in income before taxes.
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