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Titan Machinery, Inc. Message Board

  • equitiesresearchdotcom equitiesresearchdotcom Sep 6, 2013 11:17 AM Flag

    Notes from Q2

    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 million

    EPS declined 73% 6 months
    FY2013 6 months : $0.60
    FY2014 6 months : $0.16

    EPS declined 28% Q2 vs Q2
    FY2013 Q2 : $0.25
    FY2014 Q2 : $0.18

    CASH declined $22 million
    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)

    I would guess some of these analyst will have to bring their price targets lower with the new guidance.
    (In August 2013 William Blair lowered price target on $TITN to $15,)

    Some notes from today’s 10-Q which was filed this afternoon. I always wondered how analyst can sit on those conference calls without 10Q. ;)

    If interest rates go up 1% point over next 12-mo period it would decrease pre-tax earnings + CF approx $4.9 mil

    OPERATING EXPENSES Q2 $70 million up from $54 mil in year ago comp Q2 . 24% increase

    Long-term debt, less current maturities $82.6 million ...up from Q1 $58 million.....Total long-term liabilities increased $23million from Q1

    Q2 operational. Cash flow NEGATIVE $42million.

    Accounts Payable up $6 million from Q1 to $39 million. (that sure helped net income, cash flow and cash position (cough cough) lol

    Floor Plan Debt up $79 million from Q1 to $851 million

    Plus they added 136,000 more shares outstanding from Q1 to Q2 (although they didn't use the new number of S/O to calculate EPS for quarter.)

    Then the obvious of lowering guidance from $1.70-$2.00 down to $1.2-$1.50

    EPS declined 73%
    FY2014 6 months : $0.16
    FY2013 6 months : $0.60
    (did I mention their accounts payable were $39 million (almost $2.00 a share)

 
TITN
11.07+0.26(+2.41%)11:07 AMEDT