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Farm and construction equipment retailer Titan cites strong cash flow, healthy inventory levels

For the fiscal fourth quarter, the farm and construction equipment retailer said revenue increased 6.6% to $359.6 million, beating the average forecast of analysts, which called for $354.82 million

Titan farm equipment
CEO David Meyer says the farm equipment retailer is well-positioned for fiscal 2020

Titan Machinery Inc (NASDAQ:TITN) said Wednesday that seasonal year-end farm equipment sales led to solid cash flow and healthy inventory levels.

For the fourth quarter ended January 31, the farm and construction equipment retailer said revenue increased 6.6% to $359.6 million, beating the average forecast of analysts, which called for $354.82 million.

READ: Archer-Daniels-Midland sees profit more than double in second quarter

“The strength of our balance sheet, combined with improved year-over-year top and bottom-line performance in all segments of our business, has us well-positioned as we enter fiscal 2020,” Chairman and CEO David Meyer said in a statement.

The West Fargo, North Dakota, company said that it ended the fourth quarter with $56.7 million of cash and that its equipment inventory level increased to $417 million as of January 31, compared with $400 million a year earlier.

Titan posted an adjusted loss of $0.04 per diluted share, compared with the average analyst forecast of $0.01 per diluted share in net income.

Shares of Titan were down US$1.58 to $18.11 in Wednesday’s premarket trading.

Contact Dennis Fitzgerald at [email protected]

Quick facts: Titan Machinery Inc.

Price: 16.21 USD

NASDAQ:TITN
Market: NASDAQ
Market Cap: $362.36 m
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