Titan Machinery, an agricultural and construction equipment dealership, posted $360.9 million in total revenue for its fiscal third quarter ended Oct. 31, flat compared to $360.9 million for the same period in 2018. Equipment sales totaled $246 million compared to $253.8 million last year, a 3.1-percent decline. Rental and other revenue, primarily rental, totaled $16.6 million for the fiscal third quarter, compared to $17.7 million a year ago, a 6.2-percent drop. Revenue improved in parts and service for Titan, which is primarily a Case equipment dealer.
For the first nine months of the fiscal year, revenue totaled $954.2 million compared to $901.9 million a year ago, a 5.8-percent increase. Equipment sales totaled $654.4 million compared to $625.2 million in the year-ago period, a 4.7-percent increase. Rental and other was $40.7 million compared to $41.7 million last year, a 2.4-percent slide.
Gross profit for the third quarter of fiscal 2020 was $71.8 million compared to $69.5 million in the year-ago quarter. Gross profit margins increased 60 basis points to 19.9 percent versus the same period last year.
“Our higher margin parts and service business experienced strong growth during the seasonally important third quarter and drove higher gross profits across all three of our segments,” said David Meyer, Titan Machinery’s chairman and CEO. “This strong parts and service activity helped generate solid performance in our Agriculture segment, which grew top and bottom line despite very difficult harvest conditions and persistent macroeconomic uncertainty. While we wait for the environment to stabilize, we remain focused on providing exceptional customer case and managing the controllable aspects of our business, which poises us well for growth and enhanced profitability once industry conditions improve.”
Titan Machinery, based in West Fargo, N.D., is No. 53 on the RER 100.
