- Titan Machinery (NASDAQ:NASDAQ:TITN) reports equipment revenue declined 3.1% to $167.9M in Q2.
- Parts revenue slipped 4.6% to $55.6M and service revenue -2.6% to $30.5M.
- Segment revenue: Agriculture: $138.5M (-9.9%); Construction: $77.9M (-6.3%); International: $52.4M (+26.3%).
- Gross margin rate improved 60 bps to 19.6%.
- Operating expense rate up 20 bps to 18.7%.
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FY2018 Guidance: Agriculture sales: -10% to -15%; Construction sales: -5% to -10%; International sales: +20% to +25%; Equipments margins: 7% to 7.5%; Diluted EPS: -$0.15 to -$0.35.