Titan Machinery Q3 Revenue Drops 30%
Titan Machinery's results for its fiscal third quarter of 2016 showed a 30% drop, posting revenue of $345 million this year compared to $493.1 million compared to last year. It also said revenue from rental and other was $21.3 million for the quarter, compared to $26.6 in Q3 last year, a dip of 19.9%.
The company trimmed operating expenses by 23% and decreased its equipment inventory by the same percentage compared to last year. You can find the company's complete announcement here.
A more difficult agricultural climate has impacted the company's results. It says it has updated its modeling assumptions for its fiscal year, projecting that agriculture same-store sales will drop 28% to 33% over last year. Construction same-store sales will dip 8% to 13%.
Equipment sales were $215.7 million for the third quarter of fiscal 2016, compared to $343.5 last year. Parts sales were $73.8 million compared to $80.7 million. Service revenue was $34.1 million compared to last year's $42.4 million.
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