|
|
|
|
|
National & World Ag News Headlines |
|
Titan Machinery Reports Lower Sales, Bump in Net Income
USAgNet - 08/29/2016
Titan Machinery Inc. reported financial results for the fiscal second quarter ended July 31, 2016. For the second quarter of fiscal 2017, revenue was $278.3 million, compared to $334.2 million in the second quarter last year. Equipment sales were $173.3
million for the second quarter of fiscal 2017, compared to $221.0 million in the second quarter last year.
Parts sales were $58.3 million for the second quarter of fiscal 2017, compared to $62.1 million in the second quarter last year. Revenue generated from service was $31.3 million for the second quarter of fiscal 2017, compared to $32.8 million in the second
quarter last year. Revenue from rental and other was $15.4 million for the second quarter of fiscal 2017, compared to $18.3 million in the second quarter last year.
Gross profit for the second quarter of fiscal 2017 was $52.9 million, compared to $62.1 million in the second quarter last year, primarily reflecting a decrease in revenue. The Company's gross profit margin was 19.0% in the second quarter of fiscal 2017,
compared to 18.6% in the second quarter last year.
This increase in gross profit margin was mainly due to the change in gross profit mix to the Company's higher-margin parts and service businesses. Gross profit from parts, service and rental and other for the second quarter of fiscal 2017 was 76.6% of overall
gross profit, compared to 71.2% in the second quarter last year.
Operating expenses decreased by $3.9 million to $51.5 million, or 18.5% of revenue, for the second quarter of fiscal 2017, compared to $55.4 million, or 16.6% of revenue, for the second quarter of last year. The increase in operating expenses as a percentage
of revenue was primarily due to the decrease in total revenue in the second quarter of fiscal 2017, as compared to the second quarter of fiscal 2016.
|
|
|
|
Copyright © 2024 - Farms.com. All Rights Reserved. |
|
|