Titan Machinery Inc. has reported its financial results for the fiscal fourth quarter and full year ended January 31, 2024. The company achieved a record revenue of $2.8 billion for fiscal 2024, marking a 24.9% increase from the previous period. Additionally, the company reported a record EPS of $4.93, reflecting a 9.8% increase.
For the fourth quarter of fiscal 2024, Titan Machinery saw revenue increase to $852.1 million, compared to $583.0 million in the fourth quarter of the previous year. The company's gross profit for the fourth quarter of fiscal 2024 was $141.0 million, up from $108.9 million in the fourth quarter last year. Notably, the company's gross profit margin decreased to 16.6% from 18.7% in the fourth quarter of the previous year due to lower equipment margins.
In terms of segment results, the agriculture segment revenue for the fourth quarter of fiscal 2024 was $620.6 million, a 40.8% increase from the fourth quarter of the previous year. The construction segment revenue for the fourth quarter of fiscal 2024 was $100.1 million, up from $85.1 million in the fourth quarter last year. The Europe segment revenue for the fourth quarter of fiscal 2024 was $61.6 million, and the Australia segment revenue for the fourth quarter of fiscal 2024 was $69.8 million.
For the fiscal 2024 full year, Titan Machinery's net income was $112.4 million, or a record $4.93 per diluted share, compared to $101.9 million, or $4.49 per diluted share, for the prior year. The company generated EBITDA of $189.3 million in fiscal 2024, representing an increase of 14.6% compared to EBITDA of $165.2 million in fiscal 2023.
Looking at the balance sheet and cash flow, Titan Machinery reported that cash at the end of the fourth quarter of fiscal 2024 was $38.1 million. Inventories increased to $1.3 billion as of January 31, 2024, compared to $703.9 million as of January 31, 2023. The company's outstanding floorplan payables were $893.8 million on $1.4 billion total available floorplan and working capital lines of credit as of January 31, 2024.
Bryan Knutson, President & CEO of Titan Machinery, commented on the results, stating, "We finished fiscal year 2024 with a strong performance that was driven by growth across all of our legacy operating segments and resulted in record revenue of $2.8 billion, consolidated pre-tax margin of 5.5%, and record earnings per share of $4.93."
Looking forward to fiscal 2025, the company is forecasting consolidated revenue growth primarily led by the annualization of the O'Connors acquisition, as well as steady growth in the parts and service business. The company provided the following expectations for fiscal 2025 modeling assumptions: flat to up 5% for the agriculture segment, up 3-8% for the construction segment, flat to up 5% for the Europe segment, and an expected revenue range of $250 million to $270 million USD for the Australia segment.
Titan Machinery Inc. is a leading network of full-service agricultural and construction equipment stores with locations across North America, Europe, and Australia. The company's network consists of stores representing one or more of the CNH Industrial brands, including Case IH, New Holland Agriculture, Case Construction, New Holland Construction, and CNH Industrial Capital. Today the company's shares have moved -7.1% to a price of $24.96. If you want to know more, read the company's complete 8-K report here.
