Titan Machinery, CNH Industrial’s largest retailer of farm and construction equipment, reported overall revenues in its third quarter of fiscal 2020 were flat vs. the same period of the prior year. Total revenue during the period was $361 million compared to $361 million in the third quarter of fiscal 2019.

Equipment sales were $246 million in the period ended Oct. 31, 2019, down 3.1%, from $253,793 million in the third quarter FY2019. Revenue from the sale of parts increased 9.6% to $70.8 million, up from $64.6 million. Service revenues also grew 11.1% during the fiscal quarter to $27.6 million from $24.8 million.

Ag segment revenue increased 2.1% to $214.1 million, while revenue from construction equipment sales moved up 1.3% to $78 million. International sales, on the other hand, dipped to $68.8 million, down 7.3%.

David Meyer, Titan Machinery’s chairman and chief executive officer, said, “Our higher margin parts and service business experienced strong growth during the seasonally important third quarter and drove higher gross profits across all three of our segments. This strong parts and service activity helped generate solid performance in our Agriculture segment, which grew top and bottom line despite very difficult harvest conditions and persistent macroeconomic uncertainty.”

Gross profit for the third quarter of FY2020 was $71.8 million compared to $69.5 million in the third quarter last year. Gross profit margins increased 60 basis points to 19.9% vs. the comparable period last year. The increase in gross profit and margin percentage is due to the strong performance…