Titan Machinery posted total revenue $583 million in the fourth quarter of fiscal 2023 ended Jan. 31, 2023, compared to $507.6 million in the fourth quarter of fiscal 2022, a 14.9-percent increase. Rental revenue (and other) was $11.9 million compared to $9.8 million in fiscal Q422, a 21.3-percent year-over-year hike in a segment that is predominantly rental. Parts revenue increased 23.6 percent for the quarter, while equipment sales jumped 14 percent.
"Fiscal 2023 was a record year for us, driven by strong execution and our continued commitment to outstanding customer service,” said David Meyer, chairman and CEO. “We generated sales of $2.2 billion and record adjusted earnings per share of $4.52, reflecting solid organic growth and operating leverage that was further supported by a strong year of acquisition activity - adding 22 store locations over the last 14 months. Our Agriculture segment was the standout performer with strong operational execution which benefited from high demand levels that are being supported by a favorable farm economy. Our Construction and International segments each had a great year as well, highlighted by significant expansion in pre-tax income margin in fiscal 2023, finishing the full year at 6.0 percent and 6.8 percent, respectively. We are very pleased with our team, who has driven significant sales growth and improved profitability in this supply constrained environment.
For the full year, Titan Machinery posted $2,209.3 million in total revenue, compared to $1,711.9 million a year ago, a 29-percent boost. Rental revenue for the full year was $40.7 million, compared to $37.7 million in fiscal 2022, an 8-percent jump.
Titan’s dealer network includes locations in North Dakota, South Dakota, Iowa, Minnesota, Nebraska, Wyoming, Idaho, Wisconsin and Colorado, and European locations in Germany, Romania, Bulgaria and Ukraine. Each Titan Machinery location represents one or more CNH Industrial brands. Titan Machinery is No. 70 on the RER 100. The company is based in West Fargo, N.D.
