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Titan Machinery Q4 2015 revenue expected to be $491 million

Staff writer |
Titan Machinery reported preliminary financial results for the fiscal fourth quarter and full year ended January 31, 2015. For Q4 2015, revenue is expected to be approximately $491 million compared to revenue of $708.6 million in Q4 last year.

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The company is recognizing non-cash impairment charges of approximately $31 million in the fourth quarter of fiscal 2015, primarily related to goodwill and other intangible assets within the Agriculture segment.

Pre-tax loss for the fourth quarter of fiscal 2015 is expected to be approximately $37 million. Excluding the aforementioned non-cash impairment charges, realignment costs of $0.5 million and Ukraine currency devaluation of $0.8 million, adjusted pre-tax loss for the fourth quarter of fiscal 2015 is expected to be approximately $5 million.

This compares to pre-tax income of $2.8 million in the fourth quarter last year, which included a $10.0 million non-cash impairment charge; fourth quarter of fiscal 2014 adjusted pre-tax income was $12.8 million.

Adjusted pre-tax Agriculture segment income is expected to be approximately $2 million for the fourth quarter of fiscal 2015, compared to pre-tax income of $25.1 million in the fourth quarter last year. Adjusted pre-tax Construction segment loss is expected to be approximately $5 million for the fourth quarter of fiscal 2015, compared to adjusted pre-tax loss of $8.2 million in the fourth quarter last year.

Adjusted pre-tax International segment loss is expected to be approximately $3 million for the fourth quarter of fiscal 2015, compared to adjusted pre-tax loss of $2.3 million in the fourth quarter last year.

Net loss attributable to common stockholders for the fourth quarter of fiscal 2015 is expected to be in the range of $26.3 million to $27.4 million, or $1.25 to $1.30 per diluted share.

This net loss includes the non-GAAP adjustments totaling approximately $22.6 million (or $1.07 per diluted share). Excluding these non-GAAP items, adjusted net loss attributable to common stockholders for the fourth quarter of fiscal 2015 is expected to be in the range of $3.7 million to $4.8 million, or $0.18 to $0.23 per diluted share.

For the fourth quarter of fiscal 2014, net loss attributable to common stockholders was $0.4 million, or a loss per diluted share of $0.02.

Excluding non-GAAP items totaling $7.8 million (or $0.37 per share) related to impairment and income tax valuation allowance on certain deferred tax assets of its International dealerships, adjusted net income attributable to common stockholders for the fourth quarter of fiscal 2014 was $7.4 million, or $0.35 per diluted share.


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