Titan Machinery Inc. Announces Fiscal Fourth Quarter and Full Year Ended January 31, 2013 Results

-Fourth Quarter Revenue Increased 29% to $785 Million-

-Company Continues Domestic and International Distribution Network Expansion-

-Company Issues Fiscal 2014 Guidance-

WEST FARGO, N.D.–(BUSINESS WIRE)– Titan Machinery Inc. (NAS: TITN) , a leading network of full-service agricultural and construction equipment stores, today reported financial results for the fiscal fourth quarter and full year ended January 31, 2013.

Fiscal 2013 Fourth Quarter Results

For the fourth quarter of fiscal 2013, revenue increased 29.2% to $784.5 million from revenue of $607.0 million in the fourth quarter last year. All four of the Company’s revenue sources—equipment, parts, service, and rental and other—contributed to this period-over-period revenue growth. Equipment sales were $679.0 million for the fourth quarter of fiscal 2013, compared to $517.1 million in the fourth quarter last year. Parts sales were $53.5 million for the fourth quarter of fiscal 2013, compared to $45.7 million in the fourth quarter last year. Revenue generated from service was $34.2 million for the fourth quarter of fiscal 2013, compared to $27.3 million in the fourth quarter last year. Revenue from rental and other increased to $17.8 million from $16.9 million in the fourth quarter last year.

Gross profit for the fourth quarter of fiscal 2013 was $104.5 million, compared to $92.8 million in the fourth quarter last year. The Company’s gross profit margin was 13.3% in the fourth quarter of fiscal 2013, compared to 15.3% in the fourth quarter last year. The decrease in gross profit margin was primarily due to lower equipment margins and the change in sales mix, in which the higher margin parts and service businesses generated a smaller percentage of sales compared to the same quarter last year.

Operating expenses were …read more

Source: FULL ARTICLE at DailyFinance