Titan Machinery (TITN) 2021年年度报告「NASDAQ」.pdf

1、2021 ANNUAL REPORTT I TA N M A C H I N E R Y I N C.LETTER TO SHAREHOLDERSOverview of Fiscal Year 2021This past year was unlike any other in memory,one in which the world was confronted with a global pandemic,wide-spread business closures,supply chain interruptions,border shutdowns,turbulent commodit

2、y prices,severe weather events,and a sharp economic downturn in numerous industries.As the pandemic hit,our number one focus was to safely operate our stores to provide the equipment,parts and service support that our customers counted on to run their businesses.I am proud of our accomplishments in

3、meeting our objective.While maintaining the safety of our employees,customers,and suppliers,we kept our operations running and served our farm and construction customers throughout the crisis.In our stores,we took decisive steps in reorganizing how we deliver parts and service work,promoted social d

4、istancing and use of personal protective equipment,and implemented more stringent disinfecting and cleaning practices.In addition to safely operating our stores and serving our customers,Titan also delivered solid financial results including:Agricultural Segment Achieved Excellent Operating Results

5、Despite Numerous Challenges in FY 2021.Our farm customers faced numerous weather-related and commodity price challenges throughout most of the year.Then,a relatively favorable harvest season combined with positive trending commodity prices created improved farmer sentiment for purchasing equipment d

6、uring the final months of the year.We finished the year very strong in our Agricultural Segment with our best operating results in several years.Construction Segment was Profitable in FY 2021.For the Construction Segment,due to the pandemic,the economic conditions prevailing at the start of the cons