Titan Machinery slumps as Q1 expenses rise

Titan Machinery

25/05/2023 17:57

** Shares of agricultural equipment maker Titan Machinery
Inc  TITN.O  down 20.1% at $27.77
    ** Shares hover near the lowest level in over a month 
    ** Company's Q1 operating expense increased to $81.3 mln
from $64.2 mln, driven by expenses related to acquisitions and
higher variable expenses on increased sales volume
    ** Posts Q1 revenue of $569.6 mln, vs Street's expectations
of $589.2 mln - Refinitiv
    ** "Our equipment business remains strong, albeit hampered
by the constrained supply in key product categories" - company 
    ** Reiterates FY 2024 EPS modeling assumption range of
$4.50/shr-$5.10/shr
    ** Stock down about ~29% YTD

 (Reporting by Anandita Mehrotra in Bengaluru)
 ((Anandita.Mehrotra@thomsonreuters.com))