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Titan Machinery Revenue Jumps 46.2 Percent in Fiscal Fourth Quarter

April 1, 2024
Titan Machinery posted $852.1 million in revenue for the fiscal fourth quarter of 2024 ended January 31, 2024, compared to $583 million in the fiscal fourth quarter of 2023, a 46.2-percent revenue surge, with retail equipment sales leading the way with a 51.2-percent year-over-year increase.

Titan Machinery posted $852.1 million in revenue for the fiscal fourth quarter of 2024 ended January 31, 2024, compared to $583 million in the fiscal fourth quarter of 2023, a 46.2-percent revenue surge, with retail equipment sales leading the way with a 51.2-percent year-over-year increase. Rental revenue increased from $11.9 million to $12.2 million, a 3.1-percent hike. Parts and service revenue went up 25.7 percent, an outstanding growth rate.

For the full fiscal year of 2024, total revenue reached $2,758.4 million in Q423 compared to $2,209.3 million a year earlier, a 24.9-percent uptick. Equipment sales were strong the entire year at $2,145.3 million compared to $1,711.6 million for the previous 12-month period, a 25.3-percent incline. Rental revenue for the 12-month period totaled $45.0 million compared to $40.7 million a year ago, a 10.4-percent hike.

"We finished fiscal year 2024 with a strong performance that was driven by growth across all of our legacy operating segments and resulted in record revenue of $2.8 billion, consolidated pre-tax margin of 5.5 percent, and record earnings per share of $4.93," said Bryan Knutson, Titan Machinery's president & CEO. "The fourth quarter includes financial results of our recent O'Connors acquisition and integration activities are reinforcing the strategic vision we have for this business. In addition to strong retail sales activity during the quarter, our domestic team met demand through improving the pace of customer deliveries following a concerted effort to complete pre-delivery inspections of new machinery - this focus can be seen in the high volume of equipment that was delivered in the quarter. I am also pleased with our ability to continue to advance our customer care strategy and to drive double-digit same store growth for our recurring parts and service business."

In Titan Machinery’s Construction segment revenue for the fourth quarter of fiscal 2024 was $100.1 million, compared to $85.1 million in the fourth quarter last year. The 17.6-percent year-over-year increase in revenue was driven by a same-store sales increase of 17.7 percent.

Titan Machinery, headquartered in West Fargo, N.D., is No. 62 on the RER 100.