Titan Machinery recently reported financial results for the quarter ended April 30. David Meyer, Titan Machinery’s chairman and CEO, said the quarter “exceeded our expectations on all fronts.”
The agriculture segment generated pre-tax income growth of 82 percent, Meyer said.
Ag sales revenue increased by 18.6 percent in the first quarter of this year compared to Titan’s FY21.
Inventory shifts in the second quarter include a $13 million decrease in used equipment and a $5.3 million increase in new equipment. Overall, inventories fell to $415.7 million on April 30 compared to $418.5 million on Jan. 31.
“The renewed strength across the agriculture complex, following an improved commodity outlook, is having a positive impact on all our businesses,” Meyer said. “The positive shift in industry conditions is recognized by our customers, and we are beginning to see some of the pent-up demand come back after several years of more conservative posturing.”