Titan Machinery, a network of full-service construction and agricultural equipment stores with a big rental program, posted $332.3 million in revenue for the fiscal 2017 third quarter ended Oct. 31, compared to $345 million in the third quarter last year, a 3.7-percent slide. Revenue from “rental and other” was $17 million for the third quarter compared to $21.3 million in the year-ago quarter, a 20.4-percent plunge.
Equipment sales were relatively flat, dropping from $215.7 million a year ago to $212.2 million in the just-concluded frame. Gross profit for the third quarter was $58.4 million compared to $67.1 million a year ago.
Revenue for the construction segment was $80.8 million for the quarter, compared to $87 million a year ago.
For the first nine months of the fiscal year, revenue was $900 million compared to $1 billion a year ago, a 10-percent drop. Rental and other declined from $53.4 million in the first nine months of fiscal 2016 to $43.9 million this year, an 18-percent decline.
“During the third quarter our agricultural customers experienced high crop yields and, despite continued low commodity prices, the yields improved customer sentiment, which created an opportunity to increase equipment sales,” said David Meyer, Titan Machinery chairman and CEO. “We took this opportunity to accelerate our used equipment reduction efforts by aggressively retailing our used equipment inventory during the third quarter.”
Headquartered in West Fargo, N.D., Titan Machinery is No. 43 on the RER 100.
