Distributor Titan Machinery posted $315 million in revenue for the fiscal second quarter of 2020, ended July 31, compared to $297.2 million in the second quarter of fiscal 2019, a 6-percent increase. Rental revenue declined from $15 million in fiscal Q219 to $14.5 million, a decline of 3.3 percent.
Parts revenue was $59.2 million compared to $55.5 million a year ago, a 6.7-percent increase. Service revenue also increased from $23.2 million a year ago to $26.8 in fiscal Q220, a 15.8-percent leap.
For the first six months of the fiscal year, total revenue was $408.4 million compared to $371.4 million for the first six months of fiscal 2019, a 10-percent hike. Rental revenue was $24.1 million, compared to $24 million a year ago, essentially flat.
For the first six months of the fiscal year, parts revenue jumped 8.6 percent, a 15 percent hike.
“In the fiscal second quarter, we achieved better than expected growth in our Agriculture segment and our Construction segment achieved its fourth consecutive quarter of increased quarter-over-quarter top and bottom line results,” said Titan Machinery chairman and CEO David Meyer. “These positives were met with lower results from our International segment, which was impacted by unfavorable conditions and a tough comparison to the prior year.”
The construction segment’s revenue for the fiscal second quarter was $84 million, compared to $77.5 million in the second quarter last year, an 8.4 percent increase.
Primarily a Case dealership, Titan Machinery also features JLG, Bomag, Atlas Copco, Skyjack, Grove, Wacker Neuson, K-Tec and others. Based in West Fargo, N.D., the company is No. 53 on the RER 100.
