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Titan Machinery Inc. Announces Fiscal First Quarter Ended April 30, 2012 Results

Stocks in this article: TITN

Titan Machinery Inc. (Nasdaq: TITN), a leading network of full-service agricultural and construction equipment stores, today reported financial results for the fiscal first quarter ended April 30, 2012.

Fiscal 2013 First Quarter Results

For the first quarter of fiscal 2013, revenue increased 32.5% to $421.7 million from revenue of $318.2 million in the first quarter last year. All four of the Company’s revenue sources—equipment, parts, service, and rental and other—contributed to this period-over-period revenue growth. Equipment sales were $322.5 million for the first quarter of fiscal 2013, compared to $249.2 million in the first quarter last year. Parts sales were $58.8 million for the first quarter of fiscal 2013, compared to $41.9 million in the first quarter last year. Revenue generated from service was $29.8 million for the first quarter of fiscal 2013, compared to $21.0 million in the first quarter last year. Revenue from rental and other increased to $10.6 million from $6.1 million in the first quarter last year.

Gross profit for the first quarter of fiscal 2013 was $70.4 million, compared to $52.8 million in the first quarter last year. The Company’s gross profit margin was 16.7% in the first quarter of fiscal 2013, compared to 16.6% in the first quarter last year. Gross profit from parts, service, and rental and other for the first quarter of fiscal 2013 was 57% of overall gross profit and increased to $40.0 million from $26.9 million in the first quarter of last year.

Operating expenses were 13.0% of revenue for the first quarter of fiscal 2013, compared to 12.4% for the first quarter of last year, reflecting a larger portion of overall business coming from the Construction segment which generally has higher operating expenses such as occupancy costs and expenses related to the Construction segment’s rental business.

Pre-tax income for the first quarter of fiscal 2013 was $12.4 million, flat compared to the first quarter last year. Pre-tax margin was 2.9% for the first quarter of fiscal 2013, compared to 3.8% in the first quarter last year. Pre-tax Agriculture segment income was $14.3 million for the first quarter of fiscal 2013, compared to $13.0 million in the first quarter last year. Pre-tax Construction segment loss was $0.4 million for the first quarter of fiscal 2013, compared to pre-tax Construction segment income of $0.7 million in the first quarter last year. The year over year decline in Company pre-tax margin was primarily due to increased operating expenses associated with the recently expanded rental business occurring in the seasonally slower first quarter as well as increased floorplan expense due to higher inventory levels.

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