Titan Machinery, Case IH’s largest U.S. dealer, reported its third quarter revenues for fiscal year 2019 increased by 10.1% year-over-year to $364 million. Equipment revenues were up by nearly 12%, parts up 8.3%, service revenue increased by 6.7%.
Revenues from the sale of ag machinery were up 13% during the quarter to $211 million. For the first 9 months of the fiscal year, Titan reported farm equipment revenues increased by nearly 4% to $506 million.
David Meyer, Titan Machinery’s chairman and chief executive officer, said, "We are pleased with the revenue growth across all segments and the operating leverage we are generating in the business. Our third quarter results are indicative of the efforts we've made over the past couple of years to position our business for improved profitability across all segments.
"The increase in our agriculture segment revenue is encouraging given the continued industry challenges. Our improved inventory position is helping drive increases in equipment margins, which, combined with a lower annual operating expense level, is generating improvements in profitability."