Thursday, March 17, 2016

After Close: Titan Machinery Unexpectedly Pre Announces FY2016 Warning

  •  Expects FY2016 Sales Decline of $500 Million (-28%)
  • Expects Net Income  FY2016 Loss of ($37 Million) down from Fy2015 Loss of ($31 Million) 

Titan Machinery (NASDAQ: $12.50) is trading down significantly after hours after the company pre announced FY2016 Q4 and Year End Financials for the period ending January 31,2016. 
8K here
 

In March 2015 Titan Machinery Pre Announced FY2015 Financials and the stock was HALTED!

March 2015 FY2015 Pre Announcement:
GAAP net loss attributable to common stockholders for fiscal 2015 is expected to be in the range of $30.9 million to $32.0 million, or $1.48 to $1.53 per diluted share.  vs 
Adjusted net income attributable to common stockholders forfiscal 2014 was $16.5 million, or $0.78 per diluted share"


March 17,2016 FY2016

  • For the fourth quarter of fiscal 2016, revenue is expected to be approximately $335 million compared to revenue of $490.7 million in the fourth quarter last year.
  • Q4 the Company recorded an inventory impairment charge of approximately $27 million, or $0.77 per diluted share, related to the expanded equipment inventory reduction plan

  • Pre-tax loss for the fourth quarter of fiscal 2016 is expected to be approximately $53 million, compared to loss of $37.2 million in the fourth quarter last year.
  •  Pre-tax loss for the fourth quarter of fiscal 2016 included the $27 million impact from the equipment inventory impairment charges as well as a $6.7 million impairment charge related to long-lived assets. 
  • Pre-tax loss for the fourth quarter of fiscal 2015 included non-cash impairment charges of $31.0 million primarily related to goodwill and other intangible assets within the Agriculture segment. 
  • Total Company: Loss of $45 million, which includes equipment inventory impairment charges of approximately $27 million, compared to loss of $5.0 million for the fourth quarter last year. 

    Net loss attributable to common stockholders for the fourth quarter of fiscal 2016 is expected to be approximately $34 million, or $1.62 per diluted share, compared to net loss of $27.0 million or $1.28 per diluted share for the fourth quarter last year. Excluding all non-GAAP adjustments, adjusted net loss attributable to common stockholders for the fourth quarter of fiscal 2016 is expected to be approximately $28 million, or $1.31 per diluted share, compared to adjusted net loss of $4.1 million or $0.20 per diluted share for the fourth quarter last year.


    Preliminary Fiscal 2016 Full Year Results



    For the full year ended January 31, 2016, revenue is expected to be approximately $1.37 billion compared to $1.90 billion last year. GAAP net loss attributable to common stockholders for fiscal 2016 is expected to be approximately $37 million, or $1.76 per diluted share, compared to net loss of $31.6 million or $1.51 per diluted share last year. Adjusted net loss attributable to common stockholders for fiscal 2016 is expected to be approximately $26.5 million, or $1.25 to per diluted share, compared to adjusted net loss of $1.9 million, or $0.09 per diluted share, last year.


Equities Research Warned @ $30 

Sunday, December 13, 2015

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