Titan Machinery Inc.

Greetings and welcome to the Titan Machinery first quarter fiscal 2024 earnings conference call. At this time, all participants are in a listen-only mode. A question and answer session will follow the formal presentation. If anyone should require operator assistance during the conference, please press star zero on your telephone keypad. As a reminder, this conference is being recorded. I would now like to turn the conference over to your host, Mr. Jeff Sonick of ITR. Thank you. Please go ahead.

Thank you. Good morning, ladies and gentlemen, and welcome to the Titan Machinery first quarter fiscal 2024 earnings conference call. On the call today from the company are David Meyer, Chairman and Chief Executive Officer, Beau Larson, Chief Financial Officer, and Brian Knutson, President and Chief Operating Officer. By now, everyone should have access to the earnings release for the first quarter ended April 30, 2023, which went out this morning at approximately 6.45 a.m. Eastern Time. If you've not had a chance to find the release, it's available on the IR page of Titan's website at ir.titanmachinery.com. Calls being webcast and a replay will be available on the company's website as well. In addition, we're providing a presentation to accompany today's prepared remarks. You may access the presentation now by going to Titan's website again at ir.titanmachinery.com. The presentation is available directly below the webcast information in the middle of the page. You'll see on slide two of the presentation our safe harbor statement. We'd like to remind everyone that the prepared remarks contain forward-looking statements and management may make additional forward-looking statements in response to your questions. These statements do not guarantee future performance and therefore undue reliance should not be placed upon them. These forward-looking statements are based on current expectations of management and involve inherent risks and uncertainties, including those identified in the risk factors section of Titan's most recently filed annual report on Form 10-K, and as updated in subsequent filed quarterly reports on Form 10-Q. These risk factors contain a more detailed discussion of the factors that could cause actual results to differ materially from those projected in any forward-looking statements. except as may be required by applicable law, Titan assumes no obligation to update any forward-looking statements that may be made in today's release or call. The call will last approximately 45 minutes. At the conclusion of our prepared remarks, we'll open the call to take your questions. With that, I'd now like to introduce the company's chairman and CEO, Mr. David Meyer. David, please go ahead.

Thank you, Jeff. Good morning, everyone. Welcome to our first quarter fiscal 2024 earnings conference call. On today's call, I'll provide a summary of our results and then Brian Knudson, our President and Chief Operating Officer, will give an overview for each of our business segments. Bo Larson, our CFO, will then review financial results for the first quarter of fiscal 2024 and conclude with some commentary around fiscal 2024 full year expectations. We're off to a solid start to fiscal 2024. with strong first quarter results consistent with our expectations going into the year. Revenue increased 23.6% to $569.6 million in the first quarter, which represents record first quarter revenues supplemented with significant contributions from our most recent acquisitions. The combination of Marks Machinery, Heartland, and Pioneer Acquisitions added $94 million of revenue in the first quarter, and we couldn't be happier with how integration has been going so far with each of these acquisitions. Notably, each of our operating segments achieved expansion in pre-tax margins versus the prior year period. This drove consolidated pre-tax margins of 6.2% and diluted earnings per share of $1.19, which is over 53% higher than last year's earnings performance. Our agriculture segment revenue grew 33% benefiting from our recent acquisitions and reflecting healthy underlying industry fundamentals and strong customer demand. Across all our segments, our equipment business remains very healthy yet constrained due to insufficient inventory and delivery delays in key product categories. Our parts and service business also performed well despite a later start to the planting season in some of our northern U.S. markets and in our European footprint. We are poised for this momentum to carry into fiscal second quarter as our agriculture customers complete their spring field work and construction activity gets into full swing. We are well positioned to capitalize on the opportunities that lie ahead and are committed to providing world-class service to our customers and delivering strong results for our shareholders. With that, we'll turn the caller to Brian Knudson for his segment review.