Titan Machinery, a network of full-service construction and agricultural equipment stores including rental operations, said it expects its fourth quarter of fiscal 2015 to total about $491 million in revenue, compared to revenue of $708.6 million in the fourth quarter of last year, a 44-percent decrease.
For the full fiscal year, Titan Machinery anticipates approximately $1.9 billion in revenue, compared to $2.23 billion the previous year, a 14.8-percent drop. Excluding the non-cash impairment charge, realignment costs of $3 million, and Ukraine currency devaluation of $6 million.
Titan expects construction same-store sales to be flat in 2016. It also expects its international dealership business to be flat and will be reducing staff by 14 percent.