Titan Machinery Sales Down 7.3% in 1Q

Company reports a loss of $5.8 million for the quarter.

Titan Machinery Inc. (NASDAQ: TITN), Fargo, ND, reported sales for the fiscal first quarter ended April 30 of $264.1 million, a 7.3 percent decrease from the same quarter a year ago. The company reported a loss of $5.8 million, as compared to a loss of $3.6 million in the first quarter last year.

"Due to the stabilizing Agriculture equipment inventory environment and the progress we have made in reducing our equipment inventory, we are seeing equipment margin improvement sooner than originally expected, as well as stronger equipment demand within our International segment," said Titan Machinery CEO David Meyer. "Offsetting these developments were higher than anticipated operating expenses due to delayed benefits resulting from our restructuring efforts. We are confident in our estimate that the restructuring initiative will result in annual expense reductions of $25 million, however due to later than anticipated implementation, the cost savings for fiscal 2018 will be less than previously expected."

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