Titan Machinery reports Q3 EPS 7c, consensus 5c

Reports Q3 revenue $679.8M, consensus $675.3M. “Our third quarter results reflect a market cycle that is largely playing out as we anticipated within our domestic Agriculture segment,” commented Bryan Knutson, Titan Machinery’s (TITN) President and CEO. “While we continue to face headwinds impacting the broader agricultural equipment sector, we are seeing positive results from our inventory reduction initiatives with a third quarter reduction of approximately $115 million. We remain focused on executing our strategy to accelerate inventory reductions and to achieve targeted inventory levels as we work through next fiscal year. We remain confident that this strategic approach will support our broader goal of enhancing our profitability through the market cycle. In the meantime, our unwavering commitment to our customer care strategy continues to generate meaningful growth in our recurring service business.”