Titan Machinery posted $372.7 million in revenue for the first quarter of fiscal 2022, compared to $310.2 million in the first quarter of fiscal 2021, a 20.1-percent increase. Equipment sales were $276.0 million compared to $218.5 million a year ago, a 26.3-percent hike. Parts sales were $62.6 million for the quarter compared to $56.6 million a year ago, a 10.6-percent increase. Revenue from rental and other declined from $9.5 million a year ago to $6.4 million this year, a 32.6-percent decline.
Gross profit for the first quarter of fiscal 2022 was $71.0 million, compared to $58.4 million in the first quarter last year. Gross profit margin increased 20 basis points to 19.0 percent versus the comparable period last year. The increase in gross profit was primarily the result of increased equipment sales and improved equipment margins compared to the first quarter of last year.
"The fiscal first quarter exceeded our expectations on all fronts with impressive operating leverage that showcases the earnings power of our efficient dealership network,” said David Meyer, Titan Machinery’s chairman and CEO. “On a consolidated basis, we drove a 26-percent increase in equipment sales and a 10-percent increase in our combined parts and service business during the quarter compared to the prior year. At the segment level, we are very happy with our Agriculture segment, which generated pre-tax income growth of 82 percent. We are also pleased with the continued progress we are making in our Construction segment, which generated solid top-line growth and drove another quarter of positive pre-tax income and builds upon the momentum from its profitable fiscal 2021 performance. Our International segment experienced a resurgence during the quarter with strong equipment demand and delivered a corresponding improvement in pre-tax income as well.”
Primarily a Case dealership, although representing other lines as well, Titan Machinery is based in West Fargo, N.D., and is No. 77 on the RER 100.
