Titan Machinery stocks soar and beat Q3 estimates.

An excellent start for Titan Machinery ( TITN ) stocks this Wednesday morning.

The Titan Machinery stocks soared early Wednesday after the heavy equipment retailer met and exceeded earnings and revenue with its Q3 results.

Achieving quarterly earnings of $1.83 per share, Titan Machinery (TITN) beat the Zacks Consensus Estimate per share of $1.15. Compared to a year ago with its earnings of $0.96 per share. These figures are adjusted for non-recurring items. As reported by Nasdaq.com

Revenues for the last quarter came in at $668.77 million versus the consensus valuation of $597.35 million.

Titan Machinery’s share price closed at $34.88. That means it is up about 15% in the last three months and 11.12% in the previous 12 months.

Some analysts surveyed by Thomson Reuters expected the company to report average earnings per share of $1.16 for the quarter. Analysts’ estimates typically exclude special items.

Profits from the company.

For the West Fargo, North Dakota-based company, analysts predict earnings could rise 21 % to $1.16 per share. Wall Street expected revenue to grow 31 % to $597 million in the third quarter.

More than 100 company locations service and sell primarily agricultural and livestock equipment. These markets have seen supply chain disruptions and price increases similar to those affecting makers in recent years.

David Meyer, CEO of Titan Machinery, reported:

“Continued strength in the agricultural sector, combined with our customer-centric approach, drove consolidated revenue growth of 47%, supported by a strong contribution in each of our revenue streams: equipment, parts, and service. .”

Today Titan Machinery’s stock ranks first in the retail/wholesale construction products industry group. 

Titan said revenues were up 14% versus the prior year, generating an excellent adjusted profit that leveraged the previous year’s losses.

Sales performance was mainly strong internationally due to sales from acquired businesses.

Titan forecasts better times within the construction segment, increasing expected sales growth by five percentage points to a new range of 5% to 10% for construction-related revenues.

Despite all this, investors know that Titan’s results have been mixed in recent quarters but are optimistic that good times are ahead.

What does the future hold for Titan Machinery stock?

Titan Machinery has managed to outperform the market in the last few months of the year, and sure in the minds of many, the question arises: what’s next for the stock?

And the truth is that there are no easy or sure answers to this crucial question, one prevention that may help investors to ask this question is the company’s earnings outlook. This includes current consensus earnings expectations for the next few quarters and how these expectations have changed.

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