Don't Be Surprised if Titan Machinery Pre-Announces Q2 Financials in AugustInvestors should note that in 2013 Titan shares were halted after the close on May 23,2013 when the company uncharacteristically announced preliminary FY2014 Q1 financials (approximately 2 weeks before they normally released Q1 numbers). In the press release and on the conference call the following morning, the company significantly lowered expected Q1 financials and cut their year end FY2014 outlook dramatically.
FY2014 Q1 May 23,2013 Titan Machinery Press Release:
- "First quarter fiscal 2014 revenue is expected to be approximately $50 million less than the Company previously anticipated;"
- "Preliminary loss per diluted share for the first quarter of fiscal 2014 is expected to be in the range of $(0.01) to $(0.03) on approximately 20.9 million weighted average diluted common shares outstanding, compared to net income of $0.36 on approximately 21.0 million weighted average diluted common shares outstanding in the first quarter last year."
- "believe we will see improvements in our construction segment in the second quarter and throughout the remainder of fiscal 2014."
FY2014 Q2 Financials Examined by Equities Research LLC,
- Thursday, September 5, 2013
Titan Machinery EPS Falls 73%Titan Machinery Lowered Guidance for FY2014 from $1.70-$2.00 down to $1.20-$1.50
Q2 Operational Cash flow NEGATIVE $42 millionEPS declined 73% 6 monthsFY2013 6 months : $0.60
FY2014 6 months : $0.16EPS declined 28% Q2 vs Q2FY2013 Q2 : $0.25
FY2014 Q2 : $0.18
January 31,2013 : $124 million (Accounts Payable $28 million)
July 31,2013 : $102 million (Accounts Payable $39 million)
Total Current Liabilities
January 31,2013 : $804 million
July 31,2013 : $969 million
Total Long Term Liabilities
January 31,2013: $239 million
July 31,2013 : $264 million
Net Income vs Operational Cash Flow
Trailing 10 quarters ending July 31,2013 Net Income: $89 million
Trailing 10 quarters ending July 31,2013 OP. Cash Flow: -($345 million)