Equipment distributor Titan Machinery posted fiscal fourth quarter 2020 revenue of $351 million compared to $359.6 million for the fourth quarter of fiscal 2019, a 2.4-percent drop. Equipment revenue was $262.8 million in fiscal fourth 2020 compared to $284.0 million the previous year, a 7.5-percent decline. Revenue from “rental and other” was $13.9 million compared to $13 million the previous year, a 0.7-percent increase.
The construction segment posted a small increase at $87.2 million compared to $86.4 million a year ago, a 0.9-percent hike.
For the full year, revenue increased 3.5 percent to $1.3 billion for fiscal 2020. The company generated adjusted EBITDA of $53.1 million in fiscal 2020, representing an increase of 6.7 percent compared to adjusted EBITDA of $49.8 million in fiscal 2019.
Rental and “other”, believed to be predominantly rental, totaled $54.6 million for the full year, essentially flat compared to $54.7 million for the previous year.
"Full year fiscal 2020 performance demonstrated our ability to drive profitability in challenging industry conditions,” said David Meyer, chairman and CEO. “Modest growth in equipment revenue was supported by strong double-digit growth from our higher margin parts and service businesses. Our commitment to providing strong customer support in parts and service, combined with an efficient operating model, enabled us to drive adjusted earnings per share growth of 17.9 percent for the year. As we look to fiscal 2021, we remain focused on providing exceptional uninterrupted customer service, safeguarding our employees and managing the controllable aspects of the business as we carefully navigate the COVID-19 global health crisis. We believe the strength of our balance sheet and business model will enable us to achieve long-term top line growth, both organically as well as through acquisitions. Due to the uncertainty surrounding COVID-19, we believe it is prudent to not provide specific full year fiscal 2021 guidance at this time."
Titan Machinery, West Fargo, N.D., is No. 53 on the RER 100.
Titan is primarily an agricultural and construction equipment dealership, representing many lines, especially Case.
