Titan Machinery Inc. reported financial results for the fiscal second quarter of 2026.
The company remains focused on optimizing inventory levels and achieving a targeted inventory reduction of $100 million for fiscal 2026.
Despite a modest increase in inventory, Titan Machinery's inventory levels are in line with expectations, with progress expected towards the end of the fiscal year.
Revenue Decline
Revenue for the second quarter of fiscal 2026 was $546.4 million, showing a decrease compared to the same period last year.
Gross Profit Margin
The gross profit margin for the second quarter of fiscal 2026 was 17.1%, primarily influenced by lower equipment margins and management of inventory levels.
Net Loss
Titan Machinery reported a net loss of $6.0 million for the second quarter of 2026, with a loss per diluted share of $0.26, compared to the previous year's net loss of $4.3 million.
- The revenue decline was attributed to factors such as softer retail demand and the company's strategies to manage inventory effectively.
- Operating expenses decreased due to lower variable expenses and management's cost-cutting efforts, leading to an operating expense percentage of 17.0% of revenue for the quarter.
Despite challenges in the market environment, Titan Machinery remains committed to its inventory reduction strategy and delivering exceptional service to customers.