David Meyer, Titan Machinery's chairman and chief executive officer, stated, "The ongoing strength of the broader agriculture sector continues to fuel demand for equipment across our business and equipment revenue grew 37% on a consolidated basis in the third quarter."
Titan's operational improvements ranged from inventory management, cost reductions, footprint consolidation to a growing parts & service business resulting in near record profitability on mid-cycle sales levels.
David Meyer, Titan Machinery's chairman and chief executive officer, stated, "Equipment demand momentum continued through our second fiscal quarter with our equipment revenues increasing 35% vs. prior year."
David Meyer, Titan Machinery's chairman and chief executive officer, stated, "The fiscal first quarter exceeded our expectations on all fronts with impressive operating leverage that showcases the earnings power of our efficient dealership network."
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.
David Meyer, Titan Machinery's Chairman and chief executive officer, stated, "We exceeded our third quarter top-line expectations due to strong parts and service performance in our Agriculture segment and better than anticipated equipment sales in our Construction and International segments."
In a July 2020 note to investors, Mircea (Mig) Dobre, discussed how the shares of farm equipment manufacturers had held up compared to other machinery companies despite difficult industry fundamentals.
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In this week's episode we look at how ag equipment manufacturers compare to other machinery sectors in their recovery. In the Technology Corner, Michaela Paukner looks at how the massive “all-in-one” machine by NEXAT handles every work step in production agriculture, including soil cultivation, sowing, crop protection and harvesting. Also in this episode: a number of dealers are making acquisitions in Dealers on the Move, Deere acquires battery technology provider Kreisel Electric and Ben Thorpe examines how the major OEMs' R&D expenses compare to their ag sales.