Titan Machinery Q2 Earnings Beat Estimates - Titan Machinery (NASDAQ:TITN)

Titan Machinery Inc TITN reported second-quarter FY22 sales growth of 24.4% year-on-year, to $377.63 million, beating the analyst consensus of $372.72 million.
Equipment sales increased 34.5% Y/Y, and Parts sales rose 6.2%.
Gross profit rose 19.6% Y/Y to $75 million, and the margin fell 80 basis points to 19.9%.
Operating expenses climbed 7.5% Y/Y to $57.1 million.
The operating margin was 4.4%, and operating income for the quarter rose 71.1% to $16.4 million.
The company held $65.6 million in cash and equivalents as of July 31, 2021.
Net cash provided by operating activities for the six months totaled $28.6 million.
Adjusted EBITDA of $23.5 million rose 48.7% Y/Y.
Adjusted EPS of $0.57 beat the analyst consensus of $0.44.
Outlook: Titan Machinery raised FY22 EPS outlook to $2.00 - $2.20 (prior $1.65 - $1.85) versus the consensus of $1.85.
The company noted supply chains remain tight.
Price Action: TITN shares are trading lower by 1.96% at $29.34 on the last check Thursday.