Case Dealer Titan Machinery Grows Rental 6.6% in Fiscal Fourth Quarter
Titan Machinery posted fiscal fourth quarter revenue of $359.6 million, compared to $337.4 million in the fiscal fourth quarter a year ago, for a 6.6-percent increase. Revenue from “rental and other”, primarily rental, was $13 million, compared to $14.1 million last year. Gross profit for the fourth quarter increased to $55.6 million compared to $52.1 million a year ago.
In Titan Machinery’s construction segment, fourth quarter revenue was $86.4 million compared to $84.4 million a year ago.
For the full year fiscal 2019, total revenue was $1,261.5 million compared to $1,192.6 million a year ago, a 5.8-percent increase. For the full year, “rental and other” was $54.7 million compared to $55.8 million a year ago.
“In the fiscal fourth quarter, we successfully captured seasonal year-end North American agriculture equipment sales activity with strong equipment revenue resulting in solid cash-flow generation and a healthy ending inventory position,” said David Meyer, Titan Machinery chairman and CEO. “We once again realized top and bottom line quarterly improvement in our Construction business as we continue to focus on operational initiatives. We are pleased with the integration of our recent German dealership acquisition (AGRAM) and anticipate continued contributions from this business going forward. The strength of our balance sheet, combined with improved year over year top and bottom line performance in all segments of our business, has us well-positioned as we enter fiscal 2020.”
Titan Machinery, based in West Fargo, N.D., is No. 45 on the RER 100.
About the Author
Michael Roth
Editor
Michael Roth has covered the equipment rental industry full time for RER since 1989 and has served as the magazine’s editor in chief since 1994. He has nearly 30 years experience as a professional journalist. Roth has visited hundreds of rental centers and industry manufacturers, written hundreds of feature stories for RER and thousands of news stories for the magazine and its electronic newsletter RER Reports. Roth has interviewed leading executives for most of the industry’s largest rental companies and manufacturers as well as hundreds of smaller independent companies. He has visited with and reported on rental companies and manufacturers in Europe, Central America and Asia as well as Mexico, Canada and the United States. Roth was co-founder of RER Reports, the industry’s first weekly newsletter, which began as a fax newsletter in 1996, and later became an online newsletter. Roth has spoken at conventions sponsored by the American Rental Association, Associated Equipment Distributors, California Rental Association and other industry events and has spoken before industry groups in several countries. He lives and works in Los Angeles when he’s not traveling to cover industry events.