Titan Machinery Posts 23.6-Percent Increase in Fiscal 2024 First Quarter
Titan Machinery posted $569.6 million in revenue in the company’s fiscal 2024 first quarter ended April 30, compared to $461 million in the first quarter of fiscal 2023, a 23.6-percent increase. Equipment sales revenue was $429.4 million compared to $356.4 million a year ago, a 20.5-percent increase. Parts revenue was $96.6 million compared to $68.6 million a year ago, a 40.8 percent jump. Service revenue was $34.9 million compared to $29.5 in the year-ago quarter, an 18.3-percent hike. Revenue from rental and other was $8.7 million for the first quarter of fiscal 2024, compared to $6.6 million in last year’s frame, a 31.8-percent leap.
“We are off to a solid start to fiscal 2024 with strong first quarter results consistent with our expectations going into the year,” said David Meyer, Titan Machinery chairman and CEO. “Notably, each of our operating segments achieved expansion in pre-tax margins versus the prior year period. Our Agriculture segment continued to drive growth, reflecting healthy underlying fundamentals and strong customer demand. Our equipment business remains strong, albeit hampered by the constrained supply in key product categories. Our parts and service business also performed well, despite a later start to the planting season in some of our northern markets. We are poised for this momentum in our parts and service business to carry into our fiscal second quarter as our customers complete their spring field work. We are well-positioned to capitalize on the opportunities that lie ahead and are committed to providing world-class service to our customers and delivering strong results for our shareholders.”
Titan Machinery is primarily a dealer for Case and New Holland agricultural and construction products. Based in West Fargo, N.D., Titan Machinery is No. 62 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.