Titan Machinery Reports 2Q Sales & Earnings

Titan Machinery Inc., a network of full-service agricultural and construction equipment stores, has reported financial results for the second quarter ended July 31, 2010.

For the second quarter of fiscal 2011, revenue increased 8.5% to $209.7 million from revenue of $193.2 million in the second quarter last year. All three of the company’s main revenue sources — equipment, parts and service — contributed to this period-over-period revenue growth. Equipment sales were $153.1 million for the second quarter of fiscal 2011, compared to $141.1 million in the second quarter last year. Parts sales were $33.9 million for the second quarter of fiscal 2011, compared to $32.5 million in the second quarter last year. Revenue generated from service was $17.5 million for the second quarter of fiscal 2011, compared to $15.6 million in the second quarter last year.

Revenue generated from the agriculture segment was $181.5 million for the second quarter of fiscal 2011, compared to $170.4 million in the second quarter last year. ◆