Titan Machinery Reports Growth in Q2

For the second quarter of fiscal year 2024, which ended July 31, 2023, Titan Machinery reported consolidated revenue increased 29.4% year over year to $642.6 million. Of that, revenue from equipment grew to $480.1 million in 2QFY24, up from $375.2 million in the same quarter last year. Parts revenue jumped 39.6% year over year to $108.5 million, while revenue generated from service grew 27.2% to $42.5 million versus $33.4 million in 2QFY23. Quarterly revenue from rental and other was $11.5 million year over year, an increase of 11.7%.

For the Agriculture segment specifically, Titan saw 2QFY24 revenue grow to $469.1 million year over year from $349.0 million in 2QFY23, an increase of 34.4%. The company primarily attributes this increase to the acquisitions of Heartland Ag Systems in August 2022 and Pioneer Farm Equipment in February 2023. It also benefited from same-store growth of 10.0%, which Titan achieved in addition to strong year-over-year performance. Pre-tax income for 2QFY24 grew 32.5% to $33.0 million versus $24.9 million in 2QFY23.

Source: Farm-Equipment.com