Press release
Titan Machinery Inc. Announces Results for Fiscal First Quarter Ended April 30, 2025
Modifies Segment Revenue and Reiterates EPS Modeling Assumptions for Fiscal 2026 WEST FARGO, N.D., May 22, 2025 (GLOBE NEWSWIRE) -- Titan Machinery Inc.
About this update from Titan Machinery Inc.
[{"type":"text","content":"Modifies Segment Revenue and Reiterates EPS Modeling Assumptions for Fiscal 2026\nWEST FARGO, N.D., May 22, 2025 (GLOBE NEWSWIRE) -- Titan Machinery Inc. (Nasdaq: TITN) (\"Titan\" or the \"Company\"), a leading network of full-service agricultural and construction equipment stores, today reported financial results for the fiscal first quarter ended April 30, 2025. \"Our fiscal first quarter results demonstrated our ability to advance our short term goals in a challenging market environment, and while headwinds persist across the agricultural sector, our team remains focused on continuing to execute upon our initiative to optimize inventory and navigate through the trough of the cycle,\" commented Bryan Knutson, Titan Machinery's President and Chief Executive Officer. \"The stronger than expected top-line performance during the fiscal first quarter primarily reflects the timing of delivery on pre-sold equipment, as opposed to an increase in demand, and does not change our overall expectations for the full fiscal year. We continue to anticipate a very subdued retail environment given the ongoing likelihood of weak farmer profitability, with government support programs remaining an important but still very much undefined variable. While challenges persist in the marketplace, our team's relentless focus on disciplined execution of our inventory reduction initiatives and our customer care strategy is allowing us to manage key variables of the business that will improve our position as we navigate this cycle.\" Fiscal 2026 First Quarter Results Consolidated Results For the first quarter of fiscal 2026, revenue was $594.3 million compared to $628.7 million in the first quarter of last year. Equipment revenue was $436.8 million for the first quarter of fiscal 2026, compared to $468.1 million in the first quarter last year. Parts revenue was $105.6 million for the first quarter of fiscal 2026, compared to $108.2 million in the first quarter last year. Revenue generated from service was $44.0 million for the first quarter of fiscal 2026, compared to $45.1 million in the first quarter last year. Revenue from rental and other was $7.9 million for the first quarter of fiscal 2026, compared to $7.3 million in the first quarter last year. Gross profit for the first quarter of fiscal 2026 was $90.9 million, compared to $121.8 million in the fir...