Titan Machinery reports Q2 EPS (26c), consensus (48c)

Reports Q2 revenue $546.4M, consensus $503.8M. “We produced solid second quarter results amid a challenging market environment, and remain focused on the execution of our operational plan to optimize inventory, ensuring we are in an improved position exiting this fiscal year,” stated Bryan Knutson, Titan Machinery’s (TITN) President and Chief Executive Officer. “While we experienced a modest increase in inventory during the second quarter, our inventory levels have remained relatively consistent through the first half of the year, and in line with our previously communicated expectations. The quarterly increase was largely due to timing of OEM shipments ahead of deliveries to our end customers in the second half of this fiscal year. We are on track with our inventory reduction strategy, and we are positioned to exceed our initial $100 million target for the full year, with the majority of that progress still expected toward the end of the fiscal year. Importantly, our parts and service businesses continue to provide stability during this trough in the equipment cycle, as we remain focused on delivering best-in-class service and support for our customers.”