13.09.2012

Titan up 32%

Titan Machinery, the acquisitive US based agricultural and construction distributor has boosted first half revenues by over 32 percent.

Total revenues at the North Dakota company, were $831.8 million, while pre-tax profits slipped back a little to $21.1 million – down just over six percent, due to lower margins on sales.

In the second quarter the company posted revenues of $410 million also up 32 percent, while pre-tax profit slipped over 15 percent to $8.78 million.

Chief executive David Meyer said: “In the second quarter, we continued to make progress with our business, as we generated organic and acquired growth for both our Agriculture and Construction segments. Construction equipment margins were pressured by competitive conditions particularly in some of the larger metro areas of recent acquisitions. These factors generated a competitive retail equipment market where we were able to maintain sales activity but experienced a compression in our overall equipment margins and in particular our used equipment margins. As a result, we are reiterating our annual revenue guidance but lowering annual net income and earnings per share outlook.”