Press release
Titan Machinery Inc. Announces Results for Fiscal Second Quarter Ended July 31, 2020
- Revenue for Second Quarter of Fiscal 2021 was $303.5 million - - GAAP EPS for Second Quarter of Fiscal 2021 was $0.28 and Adjusted EPS was $0.29 - - Company
About this update from Titan Machinery Inc.
[{"type":"text","content":"- Revenue for Second Quarter of Fiscal 2021 was $303.5 million -\n - GAAP EPS for Second Quarter of Fiscal 2021 was $0.28 and Adjusted EPS was $0.29 - - Company Introduces Modeling Assumptions for Fiscal Full Year 2021 - WEST FARGO, N.D., Aug. 27, 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 second quarter ended July 31, 2020. David Meyer, Titan Machinery’s Chairman and Chief Executive Officer, stated, \"We generated a solid second quarter top and bottom line performance amid an uncertain environment, which demonstrates the sustainability of our business due to our committed employees along with our strong equipment, parts and service offering. Our Agriculture segment produced 9.3% growth in pre-tax income driven primarily by continued strength in our parts and service businesses. Considering the challenging industry conditions created from the COVID-19 pandemic, we are also pleased with the performance of our Construction and International segments. These results wouldn't be possible without the resolve from our store operations teams that are delivering uninterrupted customer service, while maintaining the safety of their fellow co-workers and our customers.\" Fiscal 2021 Second Quarter Results Consolidated ResultsFor the second quarter of fiscal 2021, revenue was $303.5 million, compared to $315.0 million in the second quarter last year. Equipment sales were $202.7 million for the second quarter of fiscal 2021, compared to $214.4 million in the second quarter last year. Parts sales were $61.5 million for the second quarter of fiscal 2021, compared to $59.2 million in the second quarter last year. Revenue generated from service was $28.0 million for the second quarter of fiscal 2021, compared to $26.8 million in the second quarter last year. Revenue from rental and other was $11.4 million for the second quarter of fiscal 2021, compared to $14.5 million in the second quarter last year. Gross profit for the second quarter of fiscal 2021 was $62.7 million, compared to $64.0 million in the second quarter last year. Gross profit margin increased 40 basis points to 20.7% versus the comparable period last year. The increase in gross profit margin was primarily due to an increased mix of hi...