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Shares of Titan Machinery Inc. (TITN - Free Report) scaled a new 52-week high of $47.87 on Mar 8, before closing the session a tad lower at $47.70.
TITN has a market capitalization of $1.08 billion and carries a Zacks Rank #3 (Hold) at present.
In the past year, shares of Titan Machinery have gained 71.9% compared with the industry’s 14.5% growth.
Image Source: Zacks Investment Research
Driving Factors
Titan Machinery delivered both bottom line and top line improvement in the third quarter of fiscal 2023. The upside was driven by solid performances in the Agricultural segment as well as strong contributions from each of its revenue streams - equipment, parts and service.
Even though the Construction segment’s performance was hurt by the lost contributions from the divestiture of construction stores in Montana and Wyoming, it was offset by higher same-store sales backed by strong equipment demand.
As a part of its strategic initiatives, the company acquired Heartland Ag Systems in August 2022, Mark's Machinery in April 2022 and Jaycox Implement in December 2021. All these acquisitions, along with strong demand, aided the Agriculture Segment’s top line in the last reported quarter.
In December 2022, Titan Machinery inked a deal to acquire the Idaho dealership assets of Pioneer Farm Equipment Co. This region is a strategic fit for Titan Machinery as it supports large industry volumes and has similar crops and machine specifications to other markets served by the company. The deal is expected to further aid the company’s performance in the upcoming quarter.
TITN’s solid inventory position and continued success in reducing operating and interest expenses are expected to offset higher input costs and the impact of supply-chain headwinds in the near term.
Backed by strong third-quarter results, Titan Machinery expects Agriculture revenues to increase 55-60% in fiscal 2023, up from the previous guidance of 50-55%. TITN expects EPS for fiscal 2023 to be around $4.70, up from the previously guided range of $3.70 -$4.00 per share. This upbeat outlook is helping the stock rise ahead of earnings, which is expected later this month.
Chuy’s has an average trailing four-quarter earnings surprise of 19.1%. The Zacks Consensus Estimate for CHUY’s 2023 earnings is pegged at $1.63 per share, indicating a 19% increase from the prior-year reported figure. The consensus estimate for 2023 earnings has moved 13% north in the past 60 days. CHUY’s shares have gained 29.2% in the past year.
Booking Holdings has an average trailing four-quarter earnings surprise of 790.8%. The Zacks Consensus Estimate for BKNG’s 2023 earnings is pegged at $125.85 per share, indicating a 26.1% increase from the prior-year reported figure. The consensus estimate for 2023 earnings has moved north by 6% in the past 60 days. Its shares have gained 26.8% in the past year.
The Zacks Consensus Estimate for Arcos Dorados’ fiscal 2023 EPS is pegged at 59 cents, implying a 145.8% increase from the previous year’s reported figure. The consensus estimate for fiscal 2023 earnings moved 20% upward in the past 60 days. ARCO has a trailing four-quarter average earnings surprise of 109.4%. Its shares have gained 13.3% in the past year.
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Titan Machinery (TITN) Hits 52-Week High: What's Aiding it?
Shares of Titan Machinery Inc. (TITN - Free Report) scaled a new 52-week high of $47.87 on Mar 8, before closing the session a tad lower at $47.70.
TITN has a market capitalization of $1.08 billion and carries a Zacks Rank #3 (Hold) at present.
In the past year, shares of Titan Machinery have gained 71.9% compared with the industry’s 14.5% growth.
Image Source: Zacks Investment Research
Driving Factors
Titan Machinery delivered both bottom line and top line improvement in the third quarter of fiscal 2023. The upside was driven by solid performances in the Agricultural segment as well as strong contributions from each of its revenue streams - equipment, parts and service.
Even though the Construction segment’s performance was hurt by the lost contributions from the divestiture of construction stores in Montana and Wyoming, it was offset by higher same-store sales backed by strong equipment demand.
As a part of its strategic initiatives, the company acquired Heartland Ag Systems in August 2022, Mark's Machinery in April 2022 and Jaycox Implement in December 2021. All these acquisitions, along with strong demand, aided the Agriculture Segment’s top line in the last reported quarter.
In December 2022, Titan Machinery inked a deal to acquire the Idaho dealership assets of Pioneer Farm Equipment Co. This region is a strategic fit for Titan Machinery as it supports large industry volumes and has similar crops and machine specifications to other markets served by the company. The deal is expected to further aid the company’s performance in the upcoming quarter.
TITN’s solid inventory position and continued success in reducing operating and interest expenses are expected to offset higher input costs and the impact of supply-chain headwinds in the near term.
Backed by strong third-quarter results, Titan Machinery expects Agriculture revenues to increase 55-60% in fiscal 2023, up from the previous guidance of 50-55%. TITN expects EPS for fiscal 2023 to be around $4.70, up from the previously guided range of $3.70 -$4.00 per share. This upbeat outlook is helping the stock rise ahead of earnings, which is expected later this month.
Stocks to Consider
Some better-ranked stocks from the Retail-Wholesale sector are Chuy's Holdings, Inc. (CHUY - Free Report) , Booking Holdings Inc. (BKNG - Free Report) , and Arcos Dorados Holdings Inc. (ARCO - Free Report) . CHUY sports a Zacks Rank #1 (Strong Buy) at present, while BKNG and ARCO hold a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
Chuy’s has an average trailing four-quarter earnings surprise of 19.1%. The Zacks Consensus Estimate for CHUY’s 2023 earnings is pegged at $1.63 per share, indicating a 19% increase from the prior-year reported figure. The consensus estimate for 2023 earnings has moved 13% north in the past 60 days. CHUY’s shares have gained 29.2% in the past year.
Booking Holdings has an average trailing four-quarter earnings surprise of 790.8%. The Zacks Consensus Estimate for BKNG’s 2023 earnings is pegged at $125.85 per share, indicating a 26.1% increase from the prior-year reported figure. The consensus estimate for 2023 earnings has moved north by 6% in the past 60 days. Its shares have gained 26.8% in the past year.
The Zacks Consensus Estimate for Arcos Dorados’ fiscal 2023 EPS is pegged at 59 cents, implying a 145.8% increase from the previous year’s reported figure. The consensus estimate for fiscal 2023 earnings moved 20% upward in the past 60 days. ARCO has a trailing four-quarter average earnings surprise of 109.4%. Its shares have gained 13.3% in the past year.