Titan Machinery Releases Q3 Numbers

Titan Machinery Inc. a global equipment dealership, recently reported third quarter results that Chairman and CEO David Meyer characterized as “solid improvement.”

For the quarter that ended October 31, Titan reported an 18.6 percent gross profit margin in 2018 compared to a 17.6 percent gross profit margin in the same quarter last year.

In its agriculture segment, revenue for the third quarter was $186.5 million, compared to $205.5 million last year. Pre-tax income was $4.9 million this year compared to a $1.8 million loss last year.

“Overall, third quarter financial results showed solid improvement compared to the prior year as we continue to generate increased equipment margins and drive down our operating and interest expenses,” Meyer said. “These results are due to a better aligned inventory position, cost savings from our recently implemented restructuring plan, improved customer sentiment in our agriculture segment and continued growth in our international segment.”

Meyer also noted Titan’s used equipment inventory during the first nine months of this year decreased by $46 million, or 29 percent.

“Based on more confident customer sentiment in our agriculture segment and expected improvements in fourth quarter demand, we increased our new agriculture equipment inventory levels during the third quarter,” he said.