Titan Machinery sees record-breaking revenue
WEST FARGO, N.D. (KVRR) — Titan Machinery reports a record-breaking revenue of $2.2 billion for fiscal 2023, an increase of almost 30% compared to 2022.
The company’s gross total reached $583 million through the fiscal fourth quarter, which ended December 31st.
It is an increase of more than $75 million in revenue compared to last year.
Titan Machinery has attributed their increase in revenue primarily from the agricultural segment.
“Most of our revenue growth came from a nice increase in our agricultural segment, which was really driven by the overall economics of the farm economy right now,” said BJ Knutson, the President and COO of Titan Machinery.
Revenues for the fourth quarter of the fiscal year jumped by greater than $100 million for the agricultural segment.
The construction and international segment both saw a decrease in revenues for this quarter.