Titan Machinery, the largest farm equipment dealership group worldwide, announced its second quarter fiscal year 2017 earnings on Aug. 25. The company reported that revenues for the period were down 19.3% to $285 million vs. $353 million a year ago.
Titan Machinery and CNH Industrial continued their long-standing partnership and financial support of Minnesota State Community and Technical College by providing a $100,000 contribution to the CNH Industrial "Forging the Future" Diesel Equipment Technology program and the new Transportation Center on M State's Moorhead campus.
For the first quarter of fiscal 2017, revenue was $284.9 million, compared to $353.2 million in the first quarter last year. Equipment sales were $184.9 million for the first quarter of fiscal 2017.
The South Dakota Fire Marshal's Office says it cannot determine the source of a fire that destroyed Titan Machinery in the northeastern South Dakota town of Milbank, but the cause does not appear suspicious.
For the fourth quarter of fiscal 2016, revenue was $335.5 million, compared to $490.7 million in the fourth quarter last year. Equipment sales were $243.8 million for the fourth quarter of fiscal 2016.
For the fourth quarter of fiscal 2016, Titan expects revenue to be down about 32% year-over-year. Full-year fiscal 2016 revenues are expected to be down about 28% from fiscal 2015.
Mike St. Onge of Titan Machinery Inc., in Thief River Falls, Minn., was elected chairman and John Bieringer of Dairyland Supply Inc. in Sauk Centre, Minn., was elected vice chairman of the Minnesota-South Dakota Equipment Dealers Assn.
Ongoing sharp inventory correction is masking otherwise solid longer-term industry fundamentals, according to Avondale Partners analyst Igor Maryasis in a Nov. 4, 2015 note announcing the firm’s coverage of Titan Machinery.
In this episode of On the Record, brought to you by Associated Equipment Distributors, we take a look at the FTC and USDA’s announcement that they are seeking public comment on farm equipment manufacturing and distribution practices.
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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