Like other equipment dealers in the North Central U.S. and Western Canada, the late spring impacted Titan Machinery’s fiscal year 2019 first quarter sales.
In this newscast, we discuss Titan’s goals for improving inventory turns, compensation averages for precision farming personnel in dealerships, AGCO’s new product development plans and improvements in dealer sentiment, both in North America and Europe.
In this podcast, we discuss Deere’s suggestion that we’ve turned the corner on the current ag equipment downturn, artificial intelligence in ag, what the Tax Cuts and Jobs Act means for farm equipment dealers, Titan Machinery’s outlook for fiscal year 2018 and a drop in producer sentiment.
Titan Machinery, Case IH’s larger dealership group, reported on Aug. 25 that revenues for the second quarter of fiscal 2017 were down 19.3% to $285 million vs. $353 million a year ago.
Following a particularly difficult quarter where revenues rose only 1%, Titan Machinery, the Fargo, N.D.-based retailer of farm and construction equipment lowered its outlook for annual revenue, net income and earnings per share.
Titan Machinery, Case IH’s largest equipment dealer worldwide, posted healthy revenue increases for both the fourth quarter and full year of fiscal 2013. At the same time, the dealer group’s net income slipped as a result of construction segment losses, margin pressures and rising floorplan costs as a result of higher equipment inventories.
After facing analyst scrutiny during previous earnings reports for its growing inventory levels, which resulted in rising floorplan interest and other associated costs, Titan Machinery showed a significant decrease in new equipment levels in its fourth quarter, ending January 31, 2013.
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The announcement of a partnership between New Holland and Bluewhite was one of the big precision stories of the summer. West Coast New Holland dealers now have the rights to sell, distribute and service Bluewhite’s aftermarket autonomy kits.