Titan Machinery, the world’s largest Case and New Holland dealer, reported another round of revenue declines.
In the second quarter of its 2027 fiscal year, Titan saw $496.4 million in consolidated revenue, down 9.2% year-over-year. Revenue from equipment sales was down 12.7% to $328.5 million.
On the aftermarket side of the business, second-quarter parts revenue was down 2.4% to $106.6 million, while service revenue came in at $46.4 million, down 4.9% year-over-year.
Rental and other revenue was the only segment showing a revenue increase, up 22.3% to $10 million.
Gross profit across all divisions was also down, falling 1.3% to $92.4 million.
Gross profit margin in the second quarter, however, rose to 18.6% from 17.1% in the same quarter last year. Titan Machinery attributed the increase in part to stronger equipment margins from continued reductions in aged inventory.
Titan Machinery reported a net loss in the second quarter of $9.2 million, up from a net loss of $6 million in the company’s previous second quarter.
By business segment, Titan Machinery’s construction equipment division saw a 9.2% year-over-year increase in revenue to $78.6 million, driven by higher equipment sales. Pre-tax income in Titan Machinery’s construction division for the quarter came in at $0.4 million compared to a loss of $1.2 million in its previous second quarter.
Powered byAgriculture equipment revenue, however, was down in the quarter 10.3% to $310.2 million, driven by lower demand and struggling grower profitability.
Looking forward, Titan Machinery has improved its forecast on full-year construction equipment revenue to an increase of 5% to 10% year-over-year, while agriculture equipment revenue forecasts remain at 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.
