Heavy equipment distributor Titan Machinery (NASDAQ:TITN) will be reporting results tomorrow before the bell. Here’s what you need to know.
Titan Machinery missed analysts’ revenue expectations by 5% last quarter, reporting revenues of $628.7 million, up 10.4% year on year. It was a weak quarter for the company, with a miss of analysts’ earnings estimates.
Is Titan Machinery a buy or sell going into earnings? Read our full analysis here, it’s free.
This quarter, analysts are expecting Titan Machinery’s revenue to decline 1.3% year on year to $634.1 million, a reversal from the 29.4% increase it recorded in the same quarter last year. Adjusted earnings are expected to come in at $0.01 per share.
Heading into earnings, analysts covering the company have grown increasingly bearish with revenue estimates seeing 4 downward revisions over the last 30 days. Titan Machinery has missed Wall Street’s revenue estimates four times over the last two years.
Looking at Titan Machinery’s peers in the specialty equipment distributors segment, some have already reported their Q2 results, giving us a hint as to what we can expect. Richardson Electronics’s revenues decreased 19.5% year on year, missing analysts’ expectations by 1.3%, and SiteOne reported revenues up 4.4%, topping estimates by 1.8%. Richardson Electronics traded up 2.8% following the results while SiteOne was down 2.7%.
Read our full analysis of Richardson Electronics’s results here and SiteOne’s results here.
Growth stocks have been quite volatile since the start of 2024, and while some of the specialty equipment distributors stocks have fared somewhat better, they have not been spared, with share prices down 3% on average over the last month. Titan Machinery is down 19.2% during the same time and is heading into earnings with an average analyst price target of $14.8 (compared to the current share price of $14.3).
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