Titan Machinery, a network of full-service construction and agricultural equipment stores, posted a 45.9-percent increase in its fiscal fourth quarter ended Jan. 3, the company announced this week, with revenues rising to $368.1 million, compared to $252.3 million in the previous year’s fourth quarter.
All three of the company’s main revenue sources — equipment, parts and service — contributed to the increase. Equipment sales were $310.9 million for the fourth quarter of fiscal 2011, compared to $203.8 million in the year-ago quarter, a 52.6-percent jump. Parts sales totaled $29.9 million for the most recent fiscal fourth quarter, compared to $27.7, a 7.9-percent hike. Service revenue jumped 32 percent from $14.9 million in the year-ago quarter to $19.6 million in FQ411.
For the 12 months ended Jan. 31, 2011, revenue increased 30.5 percent to $1.09 billion compared to $838.8 million in fiscal 2010.
Rental is part of Titan Machinery’s revenue mix, although the company doesn’t break it down exactly. In the category of “other, including trucking and rental”, the fourth quarter totaled $7.6 million, compared with $5.8 million in the year ago period, a 31.3-percent increase. For the full fiscal year, “other including trucking and rental” totaled $23.5 million, compared to $17.1 million for the previous year, an increase of 37.7 percent.
In the quarter, the company was very active on the acquisition front, including the purchase of a rental company, ABC Rental & Equipment Sales in Missoula, Bozeman, and Big Sky, Mont., and Williston, N.D. The Missoula, Willison and Bozeman branches will be consolidated with Titan’s existing Case CE dealerships in those markets.
The company also acquired Fairbanks International, with six Case and New Holland branches in Nebraska; Tri-State Implement, a New Holland dealership in Sioux Falls, S.D.; Schoffman’s a Case Agricultural dealership in Redwood Falls, Minn.; and Carlson Tractor and Equipment, with two New Holland Construction facilities in the Minneapolis area, expected to close in mid-May.
Titan also opened a new Case Construction Equipment dealership in Williston, N.D.
“As we begin fiscal 2012, we are encouraged by the position of our business and are confident that we will deliver another strong top and bottom line financial performance,” said Titan Machinery’s chairman and CEO. “The economy in the Upper Midwest remains robust, due to projected increases in farm cash receipts and activity around the various oil, gas and coal formations, among other factors.”
Titan Machinery is based in West Fargo, N.D.