Titan Machinery’s focus for fiscal year 2025 (ending Jan. 31, 2025) is on inventory reduction, and CEO Bryan Knutson said that will carry into fiscal year 2026.
Since March, Deere & Co. has cut 773 jobs in Iowa alone, according to Iowa’s WARN log as of June 11. The latest cuts — 120 employees at the Seeder and Cylinder plant in Moline, Ill. — were announced June 5.
In its fiscal year 2024 earnings report on March 21, Titan Machinery reported $2 billion in ag equipment revenue for the year, a 28% year-over-year increase.
Combined U.S. and Canada large ag unit sales were down 3.1% year-over-year in March (down 7.9% in February). U.S. large ag equipment sales were down 3.4%.
In its annual report filed March 28, Buhler Industries, which manufacturers the Versatile and Farm King brands of farm equipment, reported C$239 million in annual revenue, down 0.6% year-over-year.
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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.