Investing during a period of subdued sales in preparation for an anticipated upturn is paying off at Austrian tillage and hay tools manufacturer Poettinger. For its financial year ended July 2018, the company recorded a 15% gain in turnover to €354 million ($413 million), a new record for the business.
Only two transactions were tracked during the quarter in which the deal size was disclosed. Overall, 8 agricultural equipment transactions during the third quarter of 2018, 34 since the beginning of the year and 44 over the last four quarters.
Titan Machinery reported its second quarter equipment sales were up nearly 15% vs. the same period last year with revenue from ag equipment up over 10%. Overall revenue increased by 11.5%. Gross profit was up by 11.6% and gross profit margin remained steady at 19.6%.
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In this episode of On the Record, brought to you by Associated Equipment Distributors, Deere Director of Investor Relations Josh Beal told JP Morgan analysts that the OEM is confident it will be “producing to demand” in fiscal year 2025.