Titan Machinery Inc. Reports Q2 Results

Corporate revenue for the second quarter of fiscal 2023, increased to $496.5 million compared to $377.6 million in the second quarter last year. Equipment sales were $375.2 million for the second quarter of fiscal 2023, compared to $272.7 million in the second quarter last year. Parts sales were $77.7 million for the second quarter of fiscal 2023, compared to $65.3 million in the second quarter last year. Revenue generated from service was $33.4 million for the second quarter of fiscal 2023, compared to $29.7 million in the second quarter last year. Revenue from rental and other was $10.3 million for the second quarter of fiscal 2023, compared to $9.9 million in the second quarter last year.

Agriculture Segment – Revenue for the second quarter of fiscal 2023 was $349.0 million, compared to $219.4 million in the second quarter last year. The sales increase was positively impacted by the acquisitions of Jaycox Implement and Mark’s Machinery, which closed in December 2021 and April 2022, respectively. Pre-tax income for the second quarter of fiscal 2023 was $24.9 million, and included a $2.6 million benefit recognized on the expected achievement of annual manufacturer incentives. This compared to $12.1 million of pre-tax income in the second quarter last year.