Titan Machinery (TITN) 2020年年度报告「NASDAQ」.pdf

1、2020 ANNUAL REPORTTitan Machinery Inc.644 East Beaton Drive West Fargo,North D2020REPORTANNUALTITAN MACHINERY INC.LETTER TO SHAREHOLDERSIn fiscal 2020,Titan Machinery marked another year of steady financial progress,achieving top-and bottom-line growth in challenging markets.We experienced extremely

2、 wet planting conditions that persisted through a late harvest in the U.S.,a trade war with China that worsened already low commodity prices,and an economic pullback in Eastern Europe.Even so,we kept growers and contractors running in their fields and on jobsites with double-digit parts and service

3、growth,knowing that every productive acre and completed projected mattered more than ever.And as the year ended,we were satisfied to have demonstrated our financial sustainability through these demanding conditions.Then,while the last of our domestic corn was still being combined,coronavirus struck.

4、The COVID-19 pandemic has led to unprecedented social and economic uncertainty,and the balance between business strength,employee safety,and community responsibility is being continuously strained as companies adjust to this new reality.We are grateful to be designated as an essential business to ke

5、ep our customers running in fields and on jobsites across our footprint,and we are taking aggressive actions to slow the spread of the virus to help ease the burden on our local health systems.We were among the first dealer groups to limit public access to our stores to protect employees and custome

6、rs,and our COVID-19 Task Force is monitoring the coronavirus situation and guidelinesacross our footprint,and communicating frequently with employees to help keep our stores and communities safe.Even amid this crisis,we remain focused on progress and sustainable growth.I hope you will take a few min