Titan Machinery posted $436.7 million in the fiscal fourth quarter of 2021 compared to $351.0 million in the fourth quarter of fiscal 2020, a 24.4-percent increase. Equipment revenue totaled $354 million for the fourth quarter of fiscal 2021 compared to $262.8 million in the year-ago quarter, a 34.7-percent hike.
Parts revenue was $49.8 million in the fiscal fourth compared to $52.3 million in the year-ago quarter, a 4.8-percent decline. Service revenue was $22.9 million compared to $22 million a year ago, a 4.1-percent climb.
Revenue from rental and other was $9.9 million for the quarter compared to $13.9 million in the fiscal fourth quarter of 2020, a 28.7-percent slide.
Gross profit for the fourth quarter of fiscal 2021 increased to $67.7 million compared to $61.1 million in the fourth quarter last year.
Construction segment revenue in the fiscal fourth quarter was $88.9 million compared to $87.2 million a year ago, a 1.9 percent increase. The big hike was in Titan’s agricultural segment, which increased from $215.5 million a year ago to $303.2 million, a 40.7-percent jump.
For the full year, Titan posted $1,411.2 million in revenue for fiscal 2021, compared to $1,305.2 million in fiscal 2020, an 8.1 percent increase. Equipment revenue increased from $917.2 million to $1,016.1 million. Rental and other declined for the year from $37 million to $30.1 million, an 18.6-percent dip.
"We completed fiscal 2021 with a strong finish in fourth quarter, driven by our equipment business which grew 35 percent for the quarter,” said David Meyer, Titan Machinery’s chairman and CEO. “From a segment perspective, our Agriculture segment was the standout performer for the quarter and fiscal year, generating very strong top and bottom-line performance. We are also pleased with the operating improvement in our Construction segment this fiscal year, which generated positive pre-tax income in fourth quarter and full year.
“While the pandemic and adverse weather conditions have created additional obstacles across our international store footprint, we experienced growth in our International segment parts and service business during the fourth quarter and full year, which has been a focus for us. Looking ahead to fiscal 2022, Titan Machinery is in a great position - we are benefiting from renewed strength in the commodities cycle, we've stayed close to our customers with exceptional service, and we've carefully managed our cost structure and balance sheet to ensure that we drive profitability and remain nimble to react to future opportunities."
Meyer was bullish about the company’s prospects for the year ahead.
"We expect another strong year of growth in fiscal 2022,” he added. “While fiscal 2021 was a great success, especially in light of the unforeseen challenges brought about by the global pandemic, we believe there are additional areas of opportunity in this new fiscal year. Our entire organization has done an amazing job and we are ideally positioned to take advantage of the improving industry conditions with our healthy inventory position, which helped drive a record $148 million in adjusted operating cash flow during fiscal 2021 and is supporting our business in a variety of ways such as improved equipment margins and lowering our floorplan interest expense. These dynamics have improved our cash flow, reduced our debt, and put the business on a strong foundation to generate profitable growth across our segments in fiscal 2022."
Titan Machinery, based in West Fargo, N.D., is primarily an agricultural and construction equipment dealer, particular for Case equipment. lt is No. 62 on the RER 100.
