Titan Machinery posted revenue of $330.3 million for the third quarter of fiscal 2018, compared to $332.3 million in the third quarter of 2017, essentially flat. Revenue from rental and “other” was $18.1 million for the third quarter of fiscal 2018, compared to $17 million for the third quarter of fiscal 2017, a 6.5-percent increase. Equipment sales were $216 million for the quarter compared to $212.2 million in the third quarter a year ago.
Gross profit for the third quarter of fiscal 2018 was $61.5 million, compared to $58.4 million the third quarter last year, a 5.3-percent hike.
“Overall, third quarter financial results showed solid improvement compared to the prior year as we continue to generate increased equipment margins and drive down our operating and interest expenses,” said David Meyer, Titan Machinery’s chairman and CEO. “These results are due to a better aligned inventory position, cost savings from our recently implemented restructuring plan, improved customer sentiment in our Agriculture segment and continued growth in our International segment.”
Titan’s Construction segment posted third fiscal quarter revenue of $72.9 million, compared to $80.8 million in the third quarter a year ago, a 9.8-percent slide.
For the first nine months of the fiscal year, total revenue was $863.3 million, compared to $895.5 million a year ago, a 4-percent decrease.
“We have made improvements to our cost structure during fiscal 2018, and this is reflected in our improved financial results for the first nine months of this year,” Meyer said. “We expect continued year-over-year net income improvements for our fourth quarter of fiscal 2018 as well.”
For the first nine months of the fiscal year, Titan Machinery posted $43.9 million in rental and “other” revenue, flat year over year.
Titan Machinery, based in West Fargo, N.D., is a global dealership with full-service agricultural and construction stores, including rental services. The company has U.S. locations in North and South Dakota, Iowa, Minnesota, Montana, Nebraska, Wyoming, Wisconsin, Colorado, Arizona and New Mexico, with European locations in Romania, Bulgaria, Serbia and Ukraine. It represents CNH Industrial Brands and more.