Titan Machinery Posts 23.6-Percent Increase in Fiscal 2024 First Quarter
Titan Machinery posted $569.6 million in revenue in the company’s fiscal 2024 first quarter ended April 30, compared to $461 million in the first quarter of fiscal 2023, a 23.6-percent increase. Equipment sales revenue was $429.4 million compared to $356.4 million a year ago, a 20.5-percent increase. Parts revenue was $96.6 million compared to $68.6 million a year ago, a 40.8 percent jump. Service revenue was $34.9 million compared to $29.5 in the year-ago quarter, an 18.3-percent hike. Revenue from rental and other was $8.7 million for the first quarter of fiscal 2024, compared to $6.6 million in last year’s frame, a 31.8-percent leap.
“We are off to a solid start to fiscal 2024 with strong first quarter results consistent with our expectations going into the year,” said David Meyer, Titan Machinery chairman and CEO. “Notably, each of our operating segments achieved expansion in pre-tax margins versus the prior year period. Our Agriculture segment continued to drive growth, reflecting healthy underlying fundamentals and strong customer demand. Our equipment business remains strong, albeit hampered by the constrained supply in key product categories. Our parts and service business also performed well, despite a later start to the planting season in some of our northern markets. We are poised for this momentum in our parts and service business to carry into our fiscal second quarter as our customers complete their spring field work. We are well-positioned to capitalize on the opportunities that lie ahead and are committed to providing world-class service to our customers and delivering strong results for our shareholders.”
Titan Machinery is primarily a dealer for Case and New Holland agricultural and construction products. Based in West Fargo, N.D., Titan Machinery is No. 62 on the RER 100.
