The prevailing headwinds that emerged in the second quarter of the year and began slowing industry equipment sales showed no signs of letting up in the third quarter, and continued to erode Titan Machinery’s bottom line.
Despite falling grain prices and instability in its Ukrainian market, Titan Machinery reported its earnings for the second quarter on September 9 and said that it is on plan with its equipment inventory reduction and cashflow goals.
David Meyer, Titan Machinery chairman and CEO, told Ag Equipment Intelligence that the company implemented new processes aimed at better controlling new and used machinery inventories going forward.
Each monthly issue of Ag Equipment Intelligence is like getting one-on-one personal advice from the world's most trusted ag equipment industry experts. Advice that hasn't been watered down or distorted by outside influence, providing the latest and most insightful farm equipment analysis. AEI explores where the ag equipment industry is going — not just where it's been. No filler. No bias. No conflict of interest. You can access the PDF issue archive by clicking here.
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.