Titan Releases Quarterly Report

Titan Machinery has reported financial results for its quarter ending April 30, defined as the first quarter for fiscal year 2016.

Titan reported equipment sales down by $100 million compared to the same quarter last year. Sales fell by $345 million in FY 2015 to $245 million in FY 2016.

Results in revenue were similar, falling from $465.5 million in FY 2015 to $353.2 million in the current fiscal year.

Titan’s gross profit margin was $60.4 million for the quarter. Last year, gross profit was $75.9 million. The change reflects a decrease in ag equipment revenue.

The report mentioned Titan’s previously announced moves to reduce its workforce, which included closing three agriculture stores and one construction store. The Company also reduced discretionary spending and is restructuring employee compensation and benefit programs.

David Meyer, Titan Machinery’s Chairman and Chief Executive Officer, said the results were in line with company expectations.

“We believe we have taken the necessary steps to navigate the challenging macroeconomic conditions,” he said. “While we continue to face a number of headwinds … we remain confident that we are on the right track.” S