- Titan Machinery (NASDAQ:NASDAQ:TITN) reports Construction segment comparable-store sales growth of over 10.0% in Q3.
- Segment revenues: Equipment: $343.48M (-22.50%); Parts: $80.69M (-0.26%); Service: $42.41M (+4.34%); Rental and other: $26.56M (+7.69%).
- Gross margin rate rose 125 bps to 17.17% reflecting stability in the parts and service business.
- Operating expense rate increased 133 bps to $69.46M primarily due to the deleveraging of fixed expenses.
- Inventory -10.17% Y/Y to $1.06B.
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FY2015 Guidance: Net sales: $1.85B to $2.0B; Adjusted net income: $2.1M to $6.4M; Adjusted EPS: $0.10 to $0.30; GAAP net income: $0.5M to $4.8M; GAAP EPS: -$0.02 to -$0.23; Shares outstanding: 21.1M; Non GAAP cash flow: $40.0M to $60.0M. Inventory level: Lower by ~$200M.