Titan Machinery Reports Q1 USA SALES DECLINE 17% and Lowers FY2018 EPS Guidance

Titan Machinery Chairman announces in FY2018  press release this morning that 

 "the cost savings for fiscal 2018 will be less than previously expected."

TOTAL Fy2018 Q1 US SALES Declined 17% vs Q1 Fy2017

USA Sales Declined from $157 million to $131 million

Titan Machinery (NASDAQ: TITN $15.67)

First Quarter Results 

                                    FY2015      FY2016    FY2017    FY2018

Equipment Revenue    $345m        $244m      $184m      $168m   

Total Revenue             $465m        $353m      $284m      $264m

Net Income (loss)       -($6.5m)    -($6.2m)   -($3.6m)    -($5.9m)

EPS (loss)                    -($0.31)     -($0.29)    -($0.17)     -($0.27)

Stockholder Equity                     Stock                    Market Cap

April 30,2014:  $405,000,000    $16.50 (5/2014)     $365M 

April 30,2017:  $317,000,000    $17.00 (5/2017)     $375M

May 25,2017 Release of FY2018 1st Quarter 

January 2017 SEC COMMENT LETTER

Seeking Alpha Noise April 2017

Titan Machinery: 6th Director Resigns

Titan Closing 15 locations (20% of USA stores) and Schedules Auction Liquidations to unload inventory to raise additional cash to service debt. 

Management Agrees to Pay CoFounder (former President) $650,000 severence.

Income (LOSS) before income taxes)

FY2015: -($38,340,000)

FY2016: -($56,211,000)

FY2017: -($22,713,000)

total loss for 3 years: -($117,264,000)