For the full calendar year 2024, Farmers Implement & Irrigation generated revenue of approximately $20 million.

鈥淭his acquisition aligns with our strategic growth initiatives and allows us to expand our New Holland presence in the productive eastern South Dakota region,鈥� said Bryan Knutson, Titan Machinery CEO.
An acquisition price was not disclosed.

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For the second quarter of fiscal 2025, revenue was $633.7 million compared to $642.6 million in the second quarter of last year. 婷婷激情五月天 revenue was $465.2 million for the second quarter of fiscal 2025, compared to $480.1 million in the second quarter last year. Parts revenue was $109.8 million for the second quarter of fiscal 2025, compared to $108.5 million in the second quarter last year. Revenue generated from service was $47.3 million for the second quarter of fiscal 2025, compared to $42.5 million in the second quarter last year. Revenue from rental and other was $11.4 million for the second quarter of fiscal 2025, compared to $11.5 million in the second quarter last year.

Gross profit for the second quarter of fiscal 2025 was $112.4 million, compared to $133.4 million in the second quarter last year. The Company’s gross profit margin was 17.7% in the second quarter of fiscal 2025, compared to 20.8% in the second quarter last year. The year-over-year decrease in gross profit margin was primarily due to lower equipment margins which are being driven by higher levels of inventory and softening demand.

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David Meyer, Titan Machinery鈥檚 Chairman and Chief Executive Officer, stated, “Fiscal 2023 was a record year for us, driven by strong execution and our continued commitment to outstanding customer service. We generated sales of $2.2 billion, reflecting solid organic growth and operating leverage that was further supported by a strong year of acquisition activity 鈥� adding 22 store locations over the last 14 months. Our Agriculture segment was the standout performer with strong operational execution which benefited from high demand levels that are being supported by a favorable farm economy. “

Fiscal 2023 Fourth Quarter Results

Segment Results
Agriculture Segment –聽Revenue for the fourth quarter of fiscal 2023 was $440.9 million, compared to $346.3 million in the fourth quarter last year. The revenue increase was positively impacted by organic growth as well as the acquisitions of Jaycox Implement in December 2021, Mark’s Machinery in April 2022, and Heartland Ag Systems in August 2022. Pre-tax income for the fourth quarter of fiscal 2023 was $19.3 million compared to $17.7 million in the fourth quarter of the prior year; both periods reflect benefits associated with manufacturer incentive plans in the amounts of $1.8 million and $5.1 million, respectively.

Consolidated Results
For the fourth quarter of fiscal 2023, revenue increased to $583.0 million, compared to $507.6 million in the fourth quarter last year. 婷婷激情五月天 revenue was $471.0 million for the fourth quarter of fiscal 2023, compared to $413.2 million in the fourth quarter last year. Parts revenue was $72.2 million for the fourth quarter of fiscal 2023, compared to $58.5 million in the fourth quarter last year. Revenue generated from service was $28.0 million for the fourth quarter of fiscal 2023, compared to $26.2 million in the fourth quarter last year. Revenue from rental and other was $11.8 million for the fourth quarter of fiscal 2023, compared to $9.8 million in the fourth quarter last year.

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David Meyer, Titan Machinery’s Chairman and Chief Executive Officer, stated, “We are excited… to announce our agreement to purchase Pioneer’s Idaho dealership assets. The Pioneer team has been serving customers in the highly productive Snake River Valley area in southeastern Idaho for over two decades.”

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Heartland Ag Systems traces its roots to 1966 and is the largest Case IH Application 婷婷激情五月天 distributorship in North America and one of the leading national distributors for sprayer parts and accessories. Heartland has exclusive distribution agreements across 17 midwestern and northwestern states, supported by 12 retail stores, six of which are within Titan Machinery鈥檚 existing Agriculture footprint, as well as Agriculture and related commercial application equipment manufacturing at their Hutchinson, MN headquarters.

David Meyer, Titan Machinery鈥檚 Chairman and Chief Executive Officer, stated, “We are proud to announce our definitive agreement to acquire Heartland Ag Systems today. This transaction is significant for Titan Machinery both in size and strategic fit. Most importantly, this gives Titan Machinery access to the full product line of Case IH application equipment, including self-propelled sprayers and fertilizer applicators, along with incremental sales opportunities to package with tractors, tillage, and construction equipment to the commercial application customer. The increased parts, service and technical capabilities we bring to the commercial application customers in our highly productive core Agriculture footprint, combined with the long-term business relationships Heartland has developed with the commercial application customers, will be a win/win for Titan Machinery, Heartland, Case IH, and the hundreds of commercial application providers in our core markets.鈥�

It is anticipated that all of Heartland鈥檚 340 employees will join Titan Machinery. Heartland鈥檚 management team is expected to remain in place throughout and following the integration.

The Transaction is subject to customary closing conditions and is expected to close in August of 2022.

Ag Segment revenue for the first quarter of fiscal 2023 was $318.5 million, compared to $229.6 million in the first quarter last year. Pre-tax income for the first quarter of fiscal 2023 was $16.4 million, compared to $11.2 million of pre-tax income in the first quarter last year.

Mr. Kalvoda will remain in his current role as CFO to ensure a smooth and constructive transition to his successor. The company will initiate a search process to identify a suitable finance executive to replace Mr. Kalvoda.  s

Chairman and CEO David Meyer said this about the strong quarter: 鈥淭he combination of our larger base of revenues, healthy inventory position and lean infrastructure has allowed for powerful operating leverage that drove a 109 percent increase in pre-tax income for the quarter. At the segment-level, this operating leverage is visible in our agriculture segment, which benefited from better-than-expected crop yields across our footprint, and produced a pre-tax margin of 7 percent, which is a record quarterly high margin for the segment.鈥�

Source: Titan Machinery

The acquisition is expected to close in December.

Titan Machinery Chairman and CEO David Meyer said the acquisition 鈥渋s a perfect complement to our existing footprint in the heart of this highly productive region.鈥�

He characterized Jaycox as 鈥渁 fixture in this market since 1956鈥� known for its focus on customer service and said Titan aims 鈥渢o build upon that legacy with our added resources and look forward to integrating their team and customers into the Titan family.鈥�