Titan Machinery Inc. (Nasdaq: TITN), a leading network of full-service agricultural and construction equipment stores, today reported that its third-quarter revenues rose 6.1% to $227 million from revenue of $214 million in the third-quarter of 2008. The report covered the period ended October 31, 2009.
All three of the company's main revenue sources -— equipment, parts and service — contributed to this period-over-period revenue growth. Equipment sales were $173.4 million, compared to $168 million in the third quarter last year. Parts sales were $33 million in the third quarter, compared to $29.8 million in the third quarter last year. Revenue generated from service improved to $15.9 million in the quarter, compared to $12.9 million in the third quarter last year.
Gross profit for the fiscal third quarter increased 6% to $39.6 million, compared to $37.3 million in the third quarter of last year. The company's gross profit margin was 17.4% in the fiscal third quarter, compared to 17.5% in the third quarter last year. Gross profit from parts and service revenue contributed 53% of overall gross profit for the fiscal third quarter 2010, compared to 46% in the third quarter last year.