Case Dealer Titan Machinery Grows Rental 6.6% in Fiscal Fourth Quarter
Titan Machinery posted fiscal fourth quarter revenue of $359.6 million, compared to $337.4 million in the fiscal fourth quarter a year ago, for a 6.6-percent increase. Revenue from “rental and other”, primarily rental, was $13 million, compared to $14.1 million last year. Gross profit for the fourth quarter increased to $55.6 million compared to $52.1 million a year ago.
In Titan Machinery’s construction segment, fourth quarter revenue was $86.4 million compared to $84.4 million a year ago.
For the full year fiscal 2019, total revenue was $1,261.5 million compared to $1,192.6 million a year ago, a 5.8-percent increase. For the full year, “rental and other” was $54.7 million compared to $55.8 million a year ago.
“In the fiscal fourth quarter, we successfully captured seasonal year-end North American agriculture equipment sales activity with strong equipment revenue resulting in solid cash-flow generation and a healthy ending inventory position,” said David Meyer, Titan Machinery chairman and CEO. “We once again realized top and bottom line quarterly improvement in our Construction business as we continue to focus on operational initiatives. We are pleased with the integration of our recent German dealership acquisition (AGRAM) and anticipate continued contributions from this business going forward. The strength of our balance sheet, combined with improved year over year top and bottom line performance in all segments of our business, has us well-positioned as we enter fiscal 2020.”
Titan Machinery, based in West Fargo, N.D., is No. 45 on the RER 100.
