Weakness in global markets for farm and construction equipment led to declines in sales and earnings for the company for the fourth quarter and full year.
For the second quarter of fiscal 2016, Titan Machinery saw revenue of $334.2 million, compared to $451.0 million in the second quarter of last year. Equipment sales also declined at $221.0 million compared to $320.1 million at the same time last year.
Sales from the Agriculture & Turf division fell 24% for the quarter and 25% for nine
months due largely to lower shipment volumes and the unfavorable effects of currency
translation.
Following the release and conference call with analysts, Ag Equipment Intelligence interviewed David Meyer, Titan's chairman and CEO, and Mark Kalvoda, the company's CFO, to discuss the progress that the 108-location dealership group has made.
Titan Machinery reported final financial results for the fiscal fourth quarter and full year ended Jan. 31, 2015. Fourth quarter and full year revenue fell by 31% and 15% year-over-year respectively.
In this episode of On the Record, brought to you by Associated Equipment Distributors, we look at President Trump's tariff reduction on ag equipment, the latest dealer sales forecasts, and how high input costs are keeping farmer sentiment down.
Since 1980, A&I Products has become a leading manufacturer and wholesale distributor of aftermarket replacement parts for the agricultural, turf, and industrial equipment markets. A&I Products' experience and expertise has greatly contributed to the company's reputation as a top supplier of quality, reasonably priced parts. Founded with roots as a small machine shop and repair facility, the company made the transition by manufacturing new parts to replace those that were identified as commonly needing repair. Throughout the 1980s, the company quickly garnered a reputation for offering quality parts at a reasonable price.
Built on 90 years of expertise, Yetter Farm Equipment leads the agriculture industry in designing effective and innovative equipment for residue management, seedbed preparation, precision fertilizer placement, harvest attachments, strip-tillage, and more.
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