Titan Machinery reports Q2 adjusted EPS 17c, consensus 19c

Reports Q2 revenue $633.7M, consensus $645.28M. “As previously announced, our Q2 results reflect the challenging market conditions that are impacting farmer sentiment and agriculture equipment sales,” commented CEO Bryan Knutson. “In response to these market dynamics, we have been executing on the strategies we outlined: actively managing our inventory levels with a focus on used equipment, implementing targeted cost control measures, and further emphasizing our customer care initiatives to drive growth in our higher-margin parts and service businesses. The efficiencies and process improvements we’ve integrated into our business model since the last industry downturn are enhancing our ability to effectively manage through the current cycle and positioning us well to emerge stronger when market conditions improve. The improvements in our business, in conjunction with healthier industry dynamics, support our expectation that we will experience a more condensed contractionary period versus the previous cycle.”