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RSSTitan Machinery’s 1Q Revenues Rise 23.5%
WEST FARGO, N.D., Jue 9, 2010 (BUSINESS WIRE) — Titan Machinery Inc. (Nasdaq:TITN), a leading network of full-service agricultural and construction equipment stores, today reported financial results for the first quarter ended April 30, 2010.
Fiscal 2011 First Quarter
For the first quarter of fiscal 2011, revenue increased 23.5% to $205.5 million from revenue of $166.3 million in the first 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 $150.4 million, compared to $124.9 million in the first quarter last year. Parts sales were $35.1 million in the first quarter, compared to $26.4 million in the first quarter last year. Revenue generated from service was $16.6 million in the quarter, compared to $12.5 million in the first quarter last year.
Revenue generated from the company's agriculture segment was $181.4 million for the first quarter of fiscal 2011, compared to $148.3 million in the first quarter last year. Revenue generated from the company's construction segment was $32.1 million for the first quarter of fiscal 2011, compared to $24.7 million in the first quarter last year.
Gross profit for the fiscal first quarter increased 20.8% to $34.4 million, compared to $28.5 million in the first quarter of last year. The company's gross profit margin was 16.8% in the fiscal first quarter, compared to 17.1% in the first quarter last year. Gross profit from parts and service revenue contributed 59% of overall gross profit for the fiscal first quarter 2010, compared to 55% in the first quarter last year.
Pre-tax income for the fiscal 2011 first quarter was $2.6 million, compared to $3.0 million in the first quarter last year. Pre-tax margin was 1.3%, compared to 1.8% in the first quarter last year. Pre-tax income for the Company's Agriculture segment was $4.8 million, compared to $5.7 million in the first quarter last year. Pre-tax loss for the Company's Construction segment was $1.9 million for the fiscal 2011 first quarter, approximately flat compared to the first quarter last year.
Net income for the fiscal first quarter of 2011 was $1.6 million, compared to net income of $1.8 million in the first quarter last year. Earnings per diluted share for the fiscal first quarter of 2011 were $0.09 on approximately 18.0 million shares outstanding, compared to $0.10 per diluted share on a similar amount of shares outstanding in the first quarter last year.
