Shares of Titan Machinery (TITN) rose as much as 20.7% on Wednesday after the company reported third quarter results, which comfortably topped consensus, and hiked its profit forecast for full year.
The farm and construction equipment dealer posted Q3 non-GAAP EPS of $1.83, 67 cents above expectations and revenue of $668.77M beats estimates by $71.4 million.
Revenue breakdown: agriculture segment $493.3M vs $281.5M last year; construction segment $86.4M vs $74.7M a year ago; international segment $89M vs $92.7M.
“The momentum in our business continues to be visible across all aspects of Titan Machinery, as favorable industry conditions combine with several years of operational improvements and solid growth through accretive and strategic acquisitions" - Chairman and CEO David Meyer
Titan upped its FY2023 EPS outlook to $4.55 - $4.85, which compared with consensus of $3.98 and prior guidance range of $3.70 - $4.
In its agriculture business, which brings the lion share of the total revenue, the company sees fiscal 2023 revenue rising 55% to 60%, from prior forecast of 50% - 55%.