Titan Machinery Inc. (Nasdaq: TITN), a leading network of full-service agricultural and construction equipment stores, today reported financial results for the fiscal first quarter ended April 30, 2014.
While USDA raised its outlook for farm cash net income for 2013 by 7.4% over its August estimate, it still represents a 3.4% drop from 2012 levels. USDA raised its 2013 U.S. farm cash net income forecast to $129.7 billion, up from $120.8 billion in its August forecast and $123.5 billion in its initial February forecast.
Tractor and truck maker CNH Industrial's third-quarter profit fell as a stronger euro hurt its Latin American business and its truck business suffered from pricing pressure in a flat market. The sister company of Italian car maker Fiat stuck to its full-year targets on Thursday as a strong performance from high-margin agricultural machinery is expected to offset weakness in trucks and construction equipment.
The judges for Farm Equipment's 2013 Dealership of the Year program report that selecting this year's award winners may have been their most difficult challenge since the recognition series was established in 2005. But they made their choices and the 2013 Dealerships of the Year are: Stotz Equipment, a 23-store network based in Avondale, Ariz., in the over $50 million in annual revenue category; and Lake County International, a single-store dealer located in Madison, S.D., in the under $50 million revenue category.
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.
At Machinery Scope, we believe you deserve the best risk management solutions for your investments in heavy equipment. Since 2013, we have been proud to offer extended warranty, appraisals, and inspections. Machinery Scope is a family-owned business built on our experience in farming and equipment dealerships. We understand your business and provide a personalized and professional level of customer service. Machinery Scope has built a strong warranty product with our customers in mind, offering the same professional level of service from the time you get a quote, through the processing of a claim.