Titan Machinery Boosts Rental and Construction Sales in Fiscal Year
Titan Machinery reported fiscal fourth quarter 2018 revenue of $339.6 million compared to $317.6 million in the fourth quarter of 2017, a 6.9-percent increase. Revenue from “rental and other”, which is predominantly rental was $15 million for the quarter compared to $14 million for the year-ago quarter, a 7.1-percent increase. Equipment sales were $252.6 million compared to $226.9 million in fiscal Q417, an 11.3-percent hike.
Revenue for the construction segment for fiscal Q418 was $85.8 million compared to $81.7 million in the previous year’s fourth quarter, a 5-percent increase.
For the full year of fiscal 2018, the agricultural and construction equipment dealership posted $1,203 million in revenue, compared to $1,213 million for fiscal 2017, a .08-percent decrease.
In “rental and other,” Titan reported $58.9 million compared to $57.9 million a year ago.
“We were well positioned to capture the anticipated fiscal fourth quarter acceleration in agriculture sales activity due to better than anticipated crop yields in our footprint and the resulting improvement in grower sentiment,” said David Meyer, Titan Machinery’s chairman and CEO. “As a result of our improved inventory position, we continue to experience increased equipment margins compared to the prior year. In addition, fiscal full year 2018 performance was highlighted by reduced operating expenses and a more efficient operating structure due to the completion of our restructuring efforts. We are pleased with the overall business improvements we achieved in fiscal 2018 and believe these enhancements set the foundation for stronger top and bottom line results in fiscal 2019.”
Titan Machinery, based in West Fargo, N.D., is primarily a Case and New Holland dealership, although it rents a range of earthmoving, aerial, compaction and other construction equipment.
