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Thomas Renna
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Since graduating Rutgers University (B.A.) in 1990, Tom has worked in the financial industry in various capacities. visit www.equitiesresearch.com
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  • Titan Machinery Reports April 10th, (Notes From Past 10Ks) 0 comments
    Mar 27, 2014 10:06 AM | about stocks: TITN, CAT, DE, CNH, AGCO

    Titan Machinery (NASDAQ:TITN) announced today they will report year end numbers on Thursday morning April 10,2014 for the period ending January 31,2014.

    A look at annual numbers for 3 prior years: (Notes from April 10,2013)

    (click to enlarge)

    Notes:

    • CNH added revenue by selling Equipment to Titan. Titan bought the inventory on debt (floorplan debt to CNH) only to store the inventory on TITN's property. Titan is stuck with inventory and interest payments (to CNH) on inventory that is just sitting there.
    • Why did titan stock up on inventory when its not selling what it already had? Was it because CNH needed to create sales? $1 billion in inventory is a lot of equipment to have laying around. Competing with manufacturers Deere (NYSE:DE), AGCO (NYSE:AGCO), CAT (NYSE:CAT) and CNH (NYSE:CNH) is going to make it hard to get rid of this equipment.
    • lowering their eps estimates from $2.25 to $0.55-$0.75 for the year has still not been reflected in TITN's current stock price. At $16 shares are trading near a PE 30 (while earnings will decline well over 50% year over year
    Stocks: TITN, CAT, DE, CNH, AGCO
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