Dealer News Update
Titan Machinery Inc.’s fiscal second-quarter net income declined 27% as operating expenses climbed.
Titan earned $3.8 million for the three months ended July 31. Last year, it earned $5.2 million. Operating expenses climbed 24% to $70.1 million from $56.5 million. Revenue increased 19% to $488.2 million from $410.1 million.
Chairman and CEO David Meyer said in a statement that the agriculture business will likely have a tougher time during the second half of the year, due to lower commodity prices and an expected drop in crop production. Meyer said Titan expects these factors to weigh on its customers, who will likely curtail their spending. This may lead to a drop in equipment revenue.
Webcast
Q2 2014 Titan Machinery Inc Earnings Conference Call
(Replay) 09/05/13 at 8:30 a.m. ET
4 Rivers Equipment: John Deere Agriculture, Construction, and Forestry equipment dealer in eastern Colorado and Wyoming has changed its name to 4 Rivers Equipment.
The reason for the name change is the addition of four construction equipment dealerships in Albuquerque, Farmington, and Hobbs, NM, and El Paso TX.