Titan Machinery Posts Q2 Loss; Cuts FY15 Outlook - Quick Facts

(RTTNews) - Titan Machinery Inc. (TITN) reported that its net loss attributable to common stockholders for the second quarter of fiscal 2015 was $0.6 million or $0.03 per share, compared to net income of $3.8 million, or $0.18 per share, in the second quarter last year.

The company lowered its outlook for the fiscal year ending January 31, 2015.

Excluding the foreign currency losses of $1.3 million and store closing costs of $0.2 million, adjusted net income attributable to common stockholders for the second quarter of fiscal 2015 was $0.8 million, or $0.04 per share.

Quarterly revenue was $451.0 million, down from $488.2 million in the second quarter last year.

Analysts polled by Thomson Reuters expected the company to report earnings of $0.10 per share and revenues of $442.37 million for the quarter. Analysts' estimates typically exclude special items.

The Company evaluated its financial performance based on its customers' annual production cycles as opposed to a quarterly basis, due to weather fluctuations and the seasonal nature of each customer's business.

Looking ahead for the fiscal year ending January 31, 2015, the company expects GAAP net income attributable to common stockholders to be in the range of breakeven to $6.3 million, compared to the previous range of $12.5 million to $18.8 million, and GAAP earnings per share of $0.00 to $0.30, compared to the previous range of $0.59 to $0.89.

The GAAP net income and earnings per share guidance includes the impact of the $3.4 million pre-tax charge, or $0.10 per share, associated with the Company's realignment as well as $4.4 million, or $0.21 per share, due to the balance sheet impact of the Ukrainian Hryvnia devaluation, which were realized in the first six months of fiscal 2015.

The company now projects expects annual revenue to be in the range of $1.9 billion to $2.1 billion, compared to its previous range of $1.95 billion to $2.15 billion. The company expects annual adjusted net income attributable to common stockholders to be in the range of $6.4 million to $12.7 million, compared to its prior range of $14.8 million to $21.1 million.

The company cuts its fiscal 2015 adjusted earnings per share outlook to a range of $0.30 - $0.60, from the previous estimate of $0.70 to $1.00.

Wall Street currently is looking for fiscal year 2015 earnings of $0.72 per share on annual revenues of $2.10 billion.