Core Insights - Titan Machinery Inc. achieved a cumulative inventory reduction of $98 million in the first nine months of fiscal 2026 and has increased its inventory reduction target for the full year to $150 million from a previous target of over $100 million [1][2][3] - The company reported a revenue of $644.5 million for the third quarter of fiscal 2026, a decrease from $679.8 million in the same quarter last year [3][36] - Equipment revenue for the third quarter was $459.9 million, down from $495.1 million year-over-year, while parts revenue slightly increased to $122.3 million from $121.1 million [3][36] Financial Performance - Gross profit for the third quarter was $111.0 million, with a gross profit margin of 17.2%, compared to $110.5 million and 16.3% in the same quarter last year [4][36] - Operating expenses rose to $100.5 million, up from $98.8 million year-over-year, resulting in an operating expense as a percentage of revenue of 15.6% compared to 14.5% [5][36] - Net income for the third quarter was $1.2 million, with diluted earnings per share of $0.05, compared to net income of $1.7 million and earnings per share of $0.07 in the prior year [7][36] Segment Analysis - The Agriculture segment reported revenue of $420.9 million, down 12.3% year-over-year, attributed to lower demand driven by reduced commodity prices and high interest rates [8][10] - The Construction segment's revenue decreased to $76.7 million, reflecting a 10.1% decline, primarily due to lower equipment sales [10][36] - The Europe segment saw significant growth, with revenue increasing to $117.0 million from $62.4 million, largely due to EU stimulus programs, resulting in a pre-tax income of $3.5 million compared to a loss in the previous year [11][36] Inventory and Cash Flow - Total inventories decreased by $97.9 million to $1.0 billion as of the end of the third quarter, with equipment inventories down by $96.9 million [13][36] - The company reported net cash provided by operating activities of $83.9 million for the nine months ended October 31, 2025, compared to a net cash used of $56.2 million in the same period last year [14][36] Management Commentary - The CEO highlighted the stronger-than-expected equipment margins and the ongoing inventory optimization efforts, while also noting the anticipated recognition of a non-cash valuation allowance that may increase tax expenses in the fourth quarter [15][36] - The company remains focused on improving performance and positioning itself for better market conditions in fiscal 2027 [15][36] Modeling Assumptions - Updated modeling assumptions for fiscal 2026 indicate that agriculture revenue is expected to decline by 15% to 20%, construction revenue by 5% to 10%, while Europe revenue is projected to increase by 35% to 40% [16][36]

Core Viewpoint - CNH Industrial Finance Europe S.A. is redeeming all outstanding 1.875% notes due January 19, 2026, on December 29, 2025, at their principal amount plus accrued interest [1][2]. Company Overview - CNH Industrial (NYSE: CNH) is a leading global equipment, technology, and services company focused on innovation, sustainability, and productivity [3]. - The company provides strategic direction, R&D capabilities, and investments to support its global and regional brands, including Case IH, New Holland, CASE, and New Holland Construction Equipment [3]. - CNH's regional brands include STEYR, Raven, Hemisphere, Flexi-Coil, Miller, and Eurocomach, which specialize in various agricultural and construction technologies [3]. Historical Context - With a history of over two centuries, CNH has been a pioneer in its sectors, continuously innovating to enhance customer efficiency and success [4]. - The company employs over 35,000 individuals in a diverse and inclusive workplace, dedicated to empowering customers to build a better world [4].

Core Viewpoint - CNH Industrial N.V. has successfully priced an offering of €500,000,000 in principal amount of 3.625% notes due January 26, 2033, with an issue price of 98.984% of the principal amount [1][2]. Group 1: Offering Details - The closing of the offering is expected on November 26, 2025, and the notes will be issued under CNH's Euro Medium Term Note Programme [2]. - The net proceeds from the offering will be used for general corporate purposes, including the repayment of existing debt [2]. - Application will be made for the notes to be admitted to trading on the Global Exchange Market of Euronext Dublin [2]. Group 2: Regulatory and Distribution Information - The notes will be offered and sold only outside the United States to institutional investors that are not "U.S. persons" and will not be registered under the U.S. Securities Act [4]. - The offering has not been registered with the Commissione Nazionale per le Societá e la Borsa (CONSOB) under Italian securities legislation, and thus, may only be offered to qualified investors [6]. - This press release is directed only to persons outside the United Kingdom and those with professional experience in investment matters [7]. Group 3: Company Overview - CNH Industrial is a global leader in equipment, technology, and services, focusing on innovation, sustainability, and productivity [11]. - The company provides a wide range of agricultural and construction products through its brands, including Case IH, New Holland, and Raven [11]. - CNH has a history of over two centuries in pioneering its sectors and continues to innovate for customer efficiency and success [12].

Core Insights - CNH Industrial reported third quarter consolidated revenues of $4.4 billion, a decrease of 5% compared to Q3 2024, driven by decreased industry demand and ongoing channel destocking [1][4] - The company’s net income for the quarter was $67 million, down 78% from $310 million in the same period last year, with diluted earnings per share (EPS) falling to $0.06 from $0.24 [1][4] - Despite the challenging market conditions, CNH is focused on cost management and operational excellence, while also increasing net sales guidance but lowering profit guidance due to tariff headwinds and an unfavorable geographic sales mix [1][2] Financial Performance - Consolidated revenues for Q3 2025 were $4.4 billion, down from $4.65 billion in Q3 2024 [4] - Net sales from Industrial Activities were $3.7 billion, a decrease of 7% year-over-year [4] - Adjusted EBIT for Industrial Activities fell to $104 million, down 69% from $336 million in Q3 2024, with an adjusted EBIT margin of 2.8% compared to 8.4% in the previous year [4][5] - The gross profit margin for Industrial Activities decreased to 19.1%, down 260 basis points from 21.7% in Q3 2024 [4] Segment Performance Agriculture - Agriculture net sales decreased by 10% to $2.96 billion, primarily due to lower shipment volumes and decreased industry demand in North America [7][8] - Adjusted EBIT for the Agriculture segment dropped to $137 million, down 59% from $336 million in Q3 2024, with an adjusted EBIT margin of 4.6% [9] Construction - Construction net sales increased by 8% to $739 million, reflecting higher shipment volumes in North America and EMEA [10][11] - Adjusted EBIT for the Construction segment decreased to $14 million, down 65% from $40 million in Q3 2024, with an adjusted EBIT margin of 1.9% [11] Financial Services - Financial Services revenues increased by 4% to $684 million, driven by higher yields in Brazil [12] - Net income for Financial Services was $47 million, a decrease of 40% compared to Q3 2024, primarily due to increased risk costs and lower volumes [13] Outlook - The company updated its 2025 outlook, projecting Agriculture segment net sales to decline between 11% and 13% year-over-year, and Construction segment net sales to decrease between 3% and 5% [17] - Adjusted diluted EPS is expected to be between $0.44 and $0.50 [18] - CNH is focusing on reducing operating costs and managing SG&A and R&D expenses to mitigate margin erosion [15][16]

Core Insights - CNH Industrial is a leading global equipment, technology, and services company focused on innovation, sustainability, and productivity [1][2] - The company operates under various brands, including Case IH, New Holland, CASE, and New Holland Construction Equipment, providing a comprehensive range of agricultural and construction products [1] - CNH has a workforce of over 35,000 employees, emphasizing a diverse and inclusive workplace aimed at empowering customers [2] Company Overview - CNH Industrial is dedicated to breaking new ground through strategic direction, R&D capabilities, and investments [1] - The company offers 360° agriculture applications, from machinery to digital technologies that enhance agricultural efficiency [1] - Regionally focused brands include STEYR for agricultural tractors, Raven for digital agriculture, Hemisphere for satellite-based positioning, Flexi-Coil for tillage systems, Miller for application equipment, and Eurocomach for mini and midi excavators [1] Historical Context - With a history spanning over two centuries, CNH has been a pioneer in its sectors, continuously innovating to drive customer efficiency and success [2]

Financial Performance - Revenue for Q2 FY2026 was $546.4 million, a 13.8% decrease compared to $633.7 million in Q2 FY2025[30, 32, 34] - The company reported a pre-tax loss of $8.2 million in Q2 FY2026[10, 34] - Diluted loss per share was $0.26[10, 32] - For the first six months of FY2026, total revenue was $1.1408 billion, a 9.6% decrease from $1.2624 billion in the first six months of FY2025[35, 37, 39] - The adjusted pre-tax loss for the first six months of FY2026 was $25.5 million[39] Segment Performance - Agriculture segment revenue decreased by 18.5% to $345.8 million in Q2 FY2026[34] and is expected to be down 15% to 20% for FY26[15] - Construction segment revenue decreased by 10.2% to $72.0 million in Q2 FY2026[34] and is expected to be down 3% to 8% for FY26[20] - Europe segment revenue increased by 44.0% to $98.1 million in Q2 FY2026[24, 34] and is expected to be up 30% to 40% for FY26[24] - Australia segment revenue decreased by 50.1% to $30.6 million in Q2 FY2026[29, 34] and is expected to be down 20% to 25% for FY26[29] Inventory and Balance Sheet - Equipment inventory increased by $28 million from January 31, 2025, to July 31, 2025[42] - The company is targeting an inventory reduction of approximately $100 million in fiscal year 2026[42]

Core Viewpoint - Titan Machinery Inc. reported a net loss of $6.0 million for the second quarter of fiscal 2026, reflecting challenges in the agricultural and construction equipment markets, while maintaining a focus on inventory reduction and operational optimization [2][7][16]. Financial Performance - Revenue for the second quarter of fiscal 2026 was $546.4 million, down from $633.7 million in the same quarter last year, representing a decrease of 13.8% [3][34]. - Equipment revenue decreased to $376.3 million from $465.2 million year-over-year, a decline of 19.1% [3][34]. - Parts revenue remained relatively stable at $109.2 million compared to $109.8 million last year, while service revenue increased to $48.8 million from $47.3 million [3][34]. - Gross profit for the quarter was $93.6 million, down from $112.4 million, with a gross profit margin of 17.1%, slightly lower than 17.7% in the previous year [4][34]. Operating Expenses and Losses - Operating expenses were reduced to $92.7 million from $95.2 million year-over-year, with operating expenses as a percentage of revenue increasing to 17.0% from 15.0% [5][34]. - The company reported a net loss of $6.0 million, or a loss per diluted share of $0.26, compared to a net loss of $4.3 million, or $0.19 per diluted share, in the same period last year [7][34]. Segment Performance - The Agriculture segment saw revenue decline to $345.8 million, down 18.7% year-over-year, with a pre-tax loss of $12.3 million compared to a pre-tax income of $0.6 million last year [10][34]. - The Construction segment's revenue decreased to $72.0 million, down 10.2%, with a pre-tax loss of $1.2 million, an improvement from a loss of $4.9 million in the previous year [11][34]. - The Europe segment experienced significant growth, with revenue increasing to $98.1 million, up 44.0%, and a pre-tax income of $5.1 million compared to a loss of $2.3 million last year [12][34]. - The Australia segment's revenue fell to $30.6 million, down 50.1%, with a pre-tax loss of $2.1 million compared to a pre-tax income of $1.4 million last year [13][34]. Inventory and Cash Flow - The company reiterated its target to reduce inventory by $100 million for fiscal 2026, with inventory levels remaining flat at $1.1 billion as of July 31, 2025 [2][14]. - Cash at the end of the second quarter was $32.7 million, with net cash provided by operating activities amounting to $49.9 million, a significant improvement from a net cash used of $47.4 million in the same period last year [14][15]. Future Outlook - The company adjusted its revenue modeling assumptions for fiscal 2026, expecting a decrease in Agriculture segment revenue of 15% to 20%, and an increase in Europe segment revenue of 30% to 40% [17][16]. - The adjusted diluted loss per share guidance was narrowed to a range of ($1.50) to ($2.00) [18][16].

Core Insights - Deere & Company is facing ongoing volume pressures in its equipment operations, with eight consecutive quarters of decline, particularly in the Agricultural & Turf segment [1][10] - Weak farmer sentiment, driven by low commodity prices, high input costs, and elevated interest rates, is negatively impacting demand for agricultural machinery [2] - The company anticipates a challenging industry outlook for fiscal 2025, with significant declines expected in both large and small agricultural equipment markets [3] Equipment Operations - The Agricultural & Turf segment is projected to see a 16.4% decline in volumes, with the Production & Precision AG segment expected to drop 17.6% and the Small AG & Turf segment by 14.2% [5] - The Construction & Forestry segment is also expected to decline by 12.4% in volumes for 2025 [5] - Overall, Equipment Operations' volumes are anticipated to decline by 15.3% in 2025 [5] Market Conditions - The large agriculture equipment market in the U.S. and Canada is expected to decline by 30%, while the small agriculture and turf equipment market is projected to decline by 10-15% [3] - Construction equipment demand is under pressure, with a forecasted 10% drop in U.S. and Canadian construction equipment sales [4] - Trade uncertainty and high interest rates are affecting order activity for both construction and compact construction equipment [4][10] Competitor Analysis - Industry peers such as AGCO Corporation and CNH Industrial are also experiencing declines, with AGCO expecting a 12.1% decline in organic growth for 2025 [6][8] - AGCO anticipates a 25-30% drop in sales volumes of large agricultural equipment in North America [7] - CNH Industrial has reported eight consecutive quarters of volume declines in the Agriculture segment [8] Financial Performance - Deere's shares have gained 24.4% this year, outperforming the industry average of 18.3% [9] - The Zacks Consensus Estimate for Deere's fiscal 2025 earnings indicates a year-over-year decline of 26.5%, with revenues expected to drop by 15% [12] - The earnings estimate for fiscal 2026 indicates a potential recovery with a 17% growth forecast [12]

Core Insights - Momentum investing focuses on "buying high and selling higher" rather than traditional "buying low and selling high" strategies [1] - Identifying the right entry point for fast-moving stocks can be challenging, as they may lose momentum if their valuations exceed future growth potential [2] - A safer approach involves investing in bargain stocks that exhibit recent price momentum, utilizing tools like the Zacks Momentum Style Score [3] Company Analysis: Titan Machinery (TITN) - Titan Machinery has seen a price increase of 21% over the past four weeks, indicating growing investor interest [4] - The stock has gained 33.4% over the past 12 weeks, demonstrating its ability to deliver positive returns over a longer timeframe [5] - TITN has a beta of 1.35, suggesting it moves 35% higher than the market in either direction, indicating fast-paced momentum [5] - The stock holds a Momentum Score of B, suggesting it is an opportune time to invest [6] - An upward trend in earnings estimate revisions has earned TITN a Zacks Rank 2 (Buy), which is associated with strong momentum effects [7] - TITN is trading at a Price-to-Sales ratio of 0.18, indicating it is relatively undervalued, as investors pay only 18 cents for each dollar of sales [7] Investment Opportunities - TITN appears to have significant potential for growth at a fast pace, alongside other stocks that meet the 'Fast-Paced Momentum at a Bargain' criteria [8] - There are over 45 Zacks Premium Screens available for investors to identify winning stock picks based on their personal investing styles [9]

Q1 2025 RESULTS REVIEW May 1, 2025 SAFE HARBOR STATEMENT AND DISCLOSURES All statements other than statements of historical fact contained in this presentation including competitive strengths; business strategy; future financial position or operating results; budgets; projections with respect to revenue, income, earnings (or loss) per share, capital expenditures, dividends, liquidity, capital structure or other financial items; costs; and plans and objectives of management regarding operations and products, ...