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.
“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]