Revenues for the first quarter of fiscal 2021 were $108.5 million, a decrease of $0.9 million, or 1%, compared to revenues of $109.4 million in the prior year first quarter.
Revenue for the year was $195.3 million, up 8.9% from sales of $179.3 million in 2019. The Company’s increased sales levels are as a result of dealers reducing field inventory in the previous year, strong harvest conditions and crop yields.
In its earnings report for the third quarter of its fiscal year 2021, Titan Machinery, Case IH’s largest North American dealer, reported ag revenue of $220.6 million, up 3.1% compared to $214.1 million in the same quarter last year.
Last month, Deere & Co. reported its fourth quarter earnings for its fiscal year 2020. Net income came in at $757 million, up 5% vs. $722 million in the same quarter last year.
Deere & Company reported net income of $757 million for the fourth quarter ended Nov. 1, 2020, compared with net income of $722 million for the quarter ended Nov. 3, 2019. For fiscal 2020, net income attributable to Deere & Company was $2.8 billion, compared with $3.3 billion in 2019.
Consolidated net sales for the third quarter of fiscal 2021 were $96.6 million, down 3.9% vs. the third quarter of fiscal 2020. Applied Technology and Aerostar achieved significant year-over-year growth, but this was offset by a decline in Engineered Films.
David Meyer, Titan Machinery's Chairman and chief executive officer, stated, "We exceeded our third quarter top-line expectations due to strong parts and service performance in our Agriculture segment and better than anticipated equipment sales in our Construction and International segments."
Continued robust performance in North American Farm markets, EMEA, Brazil and India was offset by lower results in North American Commercial markets resulting in a record third quarter for sales and adjusted EBITDA despite ongoing COVID-19 challenges.
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In this episode of On the Record, brought to you by Associated Equipment Distributors, we take an initial look at the Dealer Business Outlook & Trends Report and what dealers are forecasting for 2025.