Press release
Titan Machinery Inc. Announces Results for Fiscal First Quarter Ended April 30, 2020
- Revenue for First Quarter of Fiscal 2021 Increased 11.5% to $310.2 million - - GAAP EPS for First Quarter of Fiscal 2021 was $0.10 and Adjusted EPS was
About this update from Titan Machinery Inc.
[{"type":"text","content":"- Revenue for First Quarter of Fiscal 2021 Increased 11.5% to $310.2 million -\n - GAAP EPS for First Quarter of Fiscal 2021 was $0.10 and Adjusted EPS was $0.15 - - Enters into a New Five-year Amended and Restated Credit Agreement - - Closes Domestic Acquisition of HorizonWest Dealership Complex - WEST FARGO, N.D., May 28, 2020 (GLOBE NEWSWIRE) -- 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, 2020. David Meyer, Titan Machinery’s Chairman and Chief Executive Officer, stated, \"We are pleased to report a strong first quarter performance during this uncertain environment, driven by our continued focus on customer service and sound management of our operating expenses. Our Agriculture segment revenue increased 26% as equipment, parts and service all experienced solid double-digit growth. Our store operations teams have adjusted well to the new COVID-19 safety protocols that we put in place in March, and have continued their uninterrupted service to customers during the important spring planting and the start of the construction season. While we are pleased with the overall performance of our Agriculture segment in fiscal first quarter, this solid top and bottom line performance was slightly offset by the relative underperformance of our Construction and International results which were impacted more by the pandemic.\" Fiscal 2021 First Quarter Results Consolidated Results For the first quarter of fiscal 2021, revenue was $310.2 million, compared to $278.3 million in the first quarter last year. Equipment sales were $218.5 million for the first quarter of fiscal 2021, compared to $194.0 million in the first quarter last year. Parts sales were $56.6 million for the first quarter of fiscal 2021, compared to $51.9 million in the first quarter last year. Revenue generated from service was $25.6 million for the first quarter of fiscal 2021, compared to $22.8 million in the first quarter last year. Revenue from rental and other was $9.5 million for the first quarter of fiscal 2021, compared to $9.6 million in the first quarter last year. Gross profit for the first quarter of fiscal 2021 was $58.4 million, compared to $53.9 million in the first quarter last year. Gross profit margin decrease...