Titan Machinery Reports $2.2 Billion in FY23 Revenue

Mar 16, 2023

Titan Machinery today released its fiscal year 2023 earnings, reporting $2.2 billion in revenue for the year, a 29% year-over-year increase.

For the fourth quarter of fiscal 2023, revenue increased to $583 million, compared to $507.6 million in the fourth quarter last year. Equipment revenue was $471 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 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.

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.

Revenue increased 29.1% to $2.2 billion for fiscal 2023. Net income for fiscal 2023 was $101.9 million, or a record $4.49 per diluted share which included approximately $0.21 of benefits associated with manufacturer incentive plans. This compares to $66 million, or $2.92 per diluted share, for the prior year which included approximately $0.47 of benefits associated with manufacturer incentive plans, a gain on the sale of the Montana and Wyoming construction store locations and a partial release of an income tax valuation allowance.

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