Agricultural and construction equipment retailer Titan Machinery Inc, has reported its financial results for the second quarter and first six months ended July 31, 2011.
Boosted by the acquisitions of Carlson Tractor and Equipment Inc and St. Joseph Equipment Inc, second quarter revenue increased 48.3% to $310.8 million from revenue of $209.7 million in the second quarter last year.
Carlson Tractor and Equipment, Inc. consists of two New Holland Construction locations in Rosemount and Rogers, Minnesota. The acquisition was completed on May 13, 2011.
St. Joseph Equipment Inc. consists of four construction equipment locations in Shakopee, Hermantown and Elk River, Minnesota, and La Crosse, Wisconsin. Titan Machinery has the exclusive Case Construction contract for the entire state of Minnesota and 11 counties in western Wisconsin. The acquisition was completed on May 31, 2011.
West Fargo, North Dakota-based Titan Machinery said all three of its main revenue sources--equipment, parts and service--contributed to its period-over-period revenue growth. Gross profit for the second quarter of fiscal 2012 was $55.9 million, compared to $36.0 million in the second quarter of last year.
For the half year, revenue increased 51.5% to $629.0 million from $415.1 million for the same period last year. Net income for the first six months of fiscal 2012 was $13.6 million, compared to $4.3 million in the same period last year.
Titan Machinery also announced earlier this week that it has closed on the acquisitions of Nebraska-based equipment dealerships Virgl Implement Inc. and Victors Inc.
Virgl Implement Inc. consists of one Case IH agriculture equipment dealership in Wahoo, Nebraska, and Victors Inc. consists of one Case IH agriculture equipment dealership in Fremont, Nebraska.
