Titan Machinery and CNH Industrial recently presented a check to Minnesota State Community and Technical College-Moorhead/Moorhead Community and Technical College Foundation as the first installment of a $100,000 commitment to support the Diesel Equipment Technology program and the new Transportation Center.
While supply and demand imbalances continue to plague many ag machinery dealers, the three publicly held North American farm equipment dealership groups are reporting progress in reducing their equipment backlogs. On the other hand, it has come at a price as dealers report that ongoing low used equipment values offer little or no profit margin.
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.
In this episode of On the Record, brought to you by Associated Equipment Distributors, we look at Titan Machinery’s Q4 and FY 2025 earnings, and the improvement in inventory levels over the last 2 quarters
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