Private investment firm Dimensional Fund Advisors LP currently holds the largest stake of publicly-traded Case IH dealership Titan Machinery at 7.51%. This amounts to almost 1.7 million shares valued at $58.3 million.
In its latest earnings report, Titan Machinery forecast an 8-13% decline in international revenue for its fiscal year 2023, which "includes a reduction in revenue of approximately 75% from our Ukraine subsidiary compared to fiscal 2022."
Revenue for the fiscal year 2022 increased 21.3% to $1.7 billion for fiscal 2022. Net income for fiscal 2022 was $66 million, or $2.92 per diluted share, compared to $19.4 million, or $0.86 per diluted share, for the prior year.
In its earnings report for the third quarter of its fiscal year 2021, Titan Machinery, Case IH’s largest North American dealer, reported ag revenue of $220.6 million, up 3.1% compared to $214.1 million in the same quarter last year.
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In this episode of On the Record, Pinion Principal Marc Johnson forecasts 4-6% growth in large ag equipment sales in 2023. In the Technology Corner, Noah Newman takes a closer look at Verge Ag’s Equipment Explorer, which was launched at the 2023 Precision Farming Dealer Summit. Also in this episode, a preview of the 10th annual Precision Farming Dealer benchmark study and a look at ag retailer sprayer purchase plans for the year ahead.