실적분석 2026년 8월 27일

Titan Machinery ($TITN) FY2027 Q2 Earnings Analysis — Revenue Beat and Profitability Guidance Maintained, Yet After-Hours Weakness

Earnings Scorecard

Revenue: $496 million (-9.2% YoY, estimate $484 million) ✅ Beat

EPS (Earnings Per Share): Diluted loss per share -$0.40 (GAAP, FY2027 Q2) · Estimate -$0.36 (adjusted) — different bases, not directly comparable

Guidance: Maintained — reaffirmed FY2027 adjusted diluted loss per share of -$1.25 to -$1.75; lowered Europe revenue assumptions, raised Construction and Australia

Stock Reaction: After-hours -2.08% ($18.42) — as of 08-27 19:45 Korea time

Positives

Gross Margin: 18.6%, up 1.5 percentage points from 17.1% YoY (FY2027 Q2)

Agriculture Segment Pre-Tax Loss: Narrowed to $3.3 million from $12.3 million YoY

Construction Segment: Same-store revenue +9.2%, pre-tax result swung to a profit

The effect of reducing aged inventory flowed through to equipment margins, and a higher mix of parts and service also supported margins. With lower interest-bearing inventory, inventory financing and other interest expenses also declined YoY.

Negatives

Revenue: $496 million, down 9.2% YoY (FY2027 Q2)

Diluted Loss Per Share: -$0.40 on a GAAP basis, wider loss versus -$0.26 YoY

Europe Revenue Assumptions: Full-year outlook lowered to -30% to -40% from -20% to -25%

With farm profitability pressure weighing on equipment demand, Europe saw the wind-down of the German business combined with the fading of prior stimulus effects. Australia and Construction are relatively better, but the pace of overall revenue recovery remains slow.

What Management Said

Management explained that improved inventory health and agriculture equipment margins modestly exceeded quarterly expectations, lifting consolidated gross margin. Profitability outlook assumptions were held, while regional revenue assumptions were adjusted to reflect current demand.

Market Reaction and Forward Watchpoints

Revenue beat estimates, but a wider YoY loss and lowered Europe revenue assumptions overlapped to trigger selling on disappointment.

Watch same-store revenue trends to see whether North American agriculture demand is bottoming

Monitor whether European demand weakness deepens beyond the lowered revenue assumptions

Check whether inventory and inventory financing interest burden continue to come down