Titan Machinery, a retailer of agricultural and construction equipment, has reported 31.9% increase in its second quarter (Q2) fiscal 2013 net revenues to $410.1m when compared to $310.8m in the same period a year ago.
The company attributed the revenue growth to its equipment, parts, service, and rental and other services.
Net income attributable to common stockholders for the second quarter of fiscal 2013 was $5.2m, compared to $6.2m in the second quarter a year ago.
Gross profit for the period was $70.4m, compared to $55.9m in the second quarter last year.
Revenues for the six months ended 31 July 2012 increased by 32.2% to $831.8m, compared to $629m for the same period last year.
Net income attributable to common stockholders for the first six months of fiscal 2013 was $12.7m, compared to $13.4m for the same period last year.
Titan Machinery’s chairman and chief executive officer David Meyer said in the second quarter, the company generated organic and acquired growth for both of its agriculture and construction segments.
"With the combination of expected strong revenue and conservative stocking, we expect our new inventory levels to decrease by the end of our fiscal 2013 year after peaking in the current third quarter, "Meyer added.
"We continue to execute our growth strategy with strategic acquisitions and store openings across all of our Agriculture, Construction, Rental, and International growth platforms and are excited that our acquisition growth opportunities as well as our strong organic growth have us well-positioned for the future."
Founded in 1980 in West Fargo, North Dakota, Titan Machinery is a multi-unit business.