Titan Machinery Posts Big 1QFY21 Revenue Gains; Total Revenue Up 11.5%, Ag Rises 26%

Titan Machinery Inc. (Nasdaq: TITN) reported financial results for the fiscal first quarter ended April 30, 2020, which included first quarter revenues of $310.2 million compared to $278.3 million in the same period a year earlier.

USDA Crop Progress Shows 93% of Corn, 75% of Soybeans Planted
The latest Crop Progress report from USDA shows both corn and soybean planting progress remains above last year's progress.
Kubota, Escorts Announce New Collaborative ‘E Kubota' Brand
According to a report from Nikkei, the two companies will collaborate to manufacture a new tractor brand to be sold in Eastern Europe, Africa and other regions.
Rite Way Looks to Acquire Morris Industries
According to a report from The Western Producer, Rite Way is positioned to acquire the assets of Morris Industries according to May 26 court documents.

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Mergers & Acquisitions

Rite Way Looks to Acquire Morris Industries
According to a report from The Western Producer, Rite Way is positioned to acquire the assets of Morris Industries according to May 26 court documents.
First Choice Farm & Lawn Plans 5th Location in Memphis
According to a report from the Daily Memphian, the Kubota dealer has plans for a 30,000 square foot, $3 million facility on a 60 acre plot outside Memphis, Tenn.
WCTractor Acquires Waco Location of Tipton International
WCTractor, Kubota dealership group, has purchased the Waco-based assets of Tipton International. With the acquisition, WCTractor adds a Waco location to its existing Texas Kubota dealerships in Bryan, Temple, Navasota and Brenham.

Earnings Reports

Amazone Reports Sales Down 2.9% in FY19
Sales declined by 2.9% to €467 million ($519 million) in the fiscal year 2019, down from the record €481 million ($535 million) posted in 2018. Amazone’s joint managing directors, Christian Dreyer and Dr. Justus Dreyer, said confidence remains strong in the agricultural sector, despite the current challenges posed by the coronavirus pandemic.
Titan Machinery Posts Big 1QFY21 Revenue Gains; Total Revenue Up 11.5%, Ag Rises 26%
Titan Machinery Inc. (Nasdaq: TITN) reported financial results for the fiscal first quarter ended April 30, 2020, which included first quarter revenues of $310.2 million compared to $278.3 million in the same period a year earlier.
Maschio Gaspardo Reports Revenue Down 5% in FY2019, Increase in Net Profit
The company report the 2019 fiscal year concluded with a consolidated net profit of 5.8 million euros ($6.4 million), almost quadrupled compared to the previous year, when it was around 1.5 million euros ($1.7 million).

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Auction Prices on the Rise, While Used Retail Prices Drop

The latest episode of On the Record is no available! In this week’s episode, we compare what Machinery Pete is seeing in auction prices to what dealers report used equipment retail values to be. Also in this episode, dealers share what changes they anticipate in day-to-day business once we are passed COVID-19 and CNH Industrial and AGCO report their first quarter results. In the Technology Corner Jack Zemlicka talks with Tim Norris about how Raven has adjusted its strategy to showcase its AutoCart and DOT platforms to dealers.

Farmer Sentiment Rises Modestly in May
Farmer sentiment improved slightly in May after falling sharply in both March and April. The Purdue University-CME Group Ag Economy Barometer reading in May was 103, up 7 points from the April reading of 96.
Monthly Leasing and Finance Index Drops 7% in April
The Equipment Leasing and Finance Association’s (ELFA) Monthly Leasing and Finance Index (MLFI-25), which reports economic activity from 25 companies representing a cross section of the $900 billion equipment finance sector, showed their overall new business volume for April was $8.2 billion, down 7% year-over-year from new business volume in April 2019.
Milk Sales Accounted for 49% of New York's 2018 Farm Sector Cash Receipts
In 2018, U.S. cash receipts for all commodities totaled $373 billion. New York contributed about 1% ($5 billion) of that total, ranking 27th among all States. Receipts from milk accounted for the largest share of cash receipts in New York, at 49% ($2.5 billion).
Labor & Harvest Made Up Almost Half of 2018 Lettuce Production Costs
Labor and harvest comprise nearly half of average total production costs for lettuce and more than one-third for fresh tomatoes, spinach and peaches. Rising wages and decreasing labor availability may combine to increase the costs to harvest the produce in a field.

Titan Machinery Posts Big 1QFY21 Revenue Gains; Total Revenue Up 11.5%, Ag Rises 26%

USDA Crop Progress Shows 93% of Corn, 75% of Soybeans Planted

Kubota, Escorts Announce New Collaborative ‘E Kubota' Brand

Rite Way Looks to Acquire Morris Industries

Mergers & Acquisitions

Rite Way Looks to Acquire Morris Industries

First Choice Farm & Lawn Plans 5th Location in Memphis

WCTractor Acquires Waco Location of Tipton International

Earnings Reports

Amazone Reports Sales Down 2.9% in FY19

Titan Machinery Posts Big 1QFY21 Revenue Gains; Total Revenue Up 11.5%, Ag Rises 26%

Maschio Gaspardo Reports Revenue Down 5% in FY2019, Increase in Net Profit

Webinar Replay

Are You Ready for an Industry Turn Around?

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Auction Prices on the Rise, While Used Retail Prices Drop

Data & Trends

Labor & Harvest Made Up Almost Half of 2018 Lettuce Production Costs

Farmer Sentiment Rises Modestly in May

Monthly Leasing and Finance Index Drops 7% in April

Milk Sales Accounted for 49% of New York's 2018 Farm Sector Cash Receipts

Labor & Harvest Made Up Almost Half of 2018 Lettuce Production Costs

Podcasts

[Podcast] On The Record: Art’s Way Reports 59% Improvement in 4Q Ag Sales

[Podcast] On The Record: Deere Intensifies Precision Push

[Podcast] On The Record: Dealer Optimism Index Shows Significant Improvement

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2020 Big Dealer Map - U.S. Farm Equipment Dealers

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Labor & Harvest Made Up Almost Half of 2018 Lettuce Production Costs

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