Titan Releases 3Q Results

Titan Machinery Inc., Fargo, ND, who represents a variety of dealerships, reported financial results for the third quarter of fiscal 2010 and nine-months, ended Oct. 31, 2009. For the third quarter, revenue increased 6.1% to $227 million from revenue of $214 million last year.

Equipment sales were at $173.4 million, compared to $168.0 million in the third quarter last year. Parts sales were $33.0 million in the third quarter, compared to $29.8 million in the third quarter last year. Revenue generated from service improved to $15.9 million in the quarter, compared to $12.9 million in the third quarter last year. Gross profit for the fiscal third quarter increased 6.0% to $39.6 million, compared to $37.3 million in the third quarter of last year. The company’s gross profit margin was 17.4% in the fiscal third quarter, compared to 17.5% in the third quarter last year.

For the nine-months ended October 31, 2009, revenue increased 17.0% to $586.5 million from $501.4 million for the same period last year. Gross margin for the first nine months of fiscal 2010 increased to 17.8%, compared to 17.4% in the same period last year. Pre-tax income for the first nine months of fiscal 2010 was $21.0 million for a pre-tax margin of 3.6%, compared to $25.2 million, or a pre-tax margin of 5.0%, for the same period last year.