Why Titan Machinery Stock Popped on Thursday
Shares of agricultural and construction equipment retailer Titan Machinery (NASDAQ: TITN) powered 15.2% higher through 10 a.m. ET on Thursday after the company reported big beats on both top and bottom lines for the fiscal second quarter of 2024.
Heading into the quarter, analysts had forecast Titan would earn only $1.17 per share (6% year-over-year growth) despite growing sales 21% to $602.4 million. In fact, Titan reported a profit of $1.38 per share, and sales of $642.6 million.
That worked out to an even greater-than-expected 29% year-over-year growth rate for Titan's sales in the second quarter, and profits growth much better resembling the sales growth rate -- 25%. And as CEO David Meyer commented, growth was strong across all three segments, in U.S. agricultural equipment, in U.S. construction equipment, and internationally (where Titan incidentally picked up a new acquisition, Australia's J.J. O'Connor & Sons).
Source Fool.com
