Titan Machinery, the world’s largest Case and New Holland dealer, reported several declines in revenue and profits to start its 2027 fiscal year.
In the first quarter of its 2027 fiscal year, Titan Machinery reported $522 million in consolidated revenue, down 12.1% year-over-year. Revenue from equipment sales specifically was down 16.5% to $365 million.
On the aftermarket side of the business, first quarter parts revenue was down 1.7% in the first quarter to $103 million, while service revenue came in at $44 million, down just 0.5% year-over-year. Rental and other revenue was up 29.1% to $10 million.
Gross profit across all division was down 1.8% to $89 million, and gross profit margin in the first quarter rose to 17.1% from 15.3% in the same quarter last year. Titan Machinery attributed that margin increase in part to continued reductions in aged equipment inventory.
Titan Machinery reported a net loss in the first quarter of $12.6 million, down from a net loss of $13.2 million in the company’s previous first quarter.
By business segment, Titan Machinery’s construction division saw a 6.5% year-over-year decline in revenue to $68 million, driven by lower equipment sales. Pre-tax loss in Titan Machinery construction division for the quarter came in at $0.6 million compared to a loss of $4.2 million in its previous first quarter.
Agriculture equipment revenue was also down in the first quarter, declining 10.4% to $344 million, driven by lower equipment demand and struggling grower profitability.
Looking forward, Titan Machinery forecasts its full year construction equipment revenue will be flat to up 5% year-over-year, while agriculture equipment revenue forecasts are for a decline between –15% and –20%.
Titan has locations in North Dakota, South Dakota, Iowa, Minnesota, Nebraska, Wyoming, Idaho, Wisconsin, Kansas and Colorado, as well as overseas in Romania, Bulgaria, Ukraine and Australia.
