Titan Machinery Grows Revenue 10 Percent in Fiscal Third Quarter
Titan Machinery posted fiscal third quarter revenue of $363.6 million, compared to $330.3 million in the same quarter last year, a 10-percent increase. Equipment sales were $241.2 million compared to $216 million a year ago, an 11.7-percent increase. Revenue from “rental and other”, which is primarily rental, was $18.8 million compared to $18.1 percent a year ago, a 3.9-percent hike.
Gross profit for the third quarter was $69.5 million compared to $61.5 million a year ago, a 13-percent jump. Gross profit margins increased 50 basis points to 19.1 percent compared to a year ago.
“We are pleased with the revenue growth across all segments and the operating leverage we are generating in the business,” said David Meyer, Titan Machinery chairman and CEO. “Our third quarter results are indicative of the efforts we’ve made over the past couple of years to position our business for improved profitability across all segments. The increase in our Agriculture segment revenue is encouraging given the continued industry challenges. Our improved inventory position is helping drive increases in equipment margins, which, combined with a lower annual operating expense level, is generating improvements in profitability. As a result of these improvements and revenue growth across all segments, adjusted earnings per share grew significantly over the prior-year period.”
Based in West Fargo, N.D., a leading Case dealer in construction and agriculture, Titan Machinery is No. 45 on the RER 100.
