Titan Machinery Q2 Profit Decreases; Adjusts Annual Guidance - Quick Facts

(RTTNews) - Titan Machinery Inc. (TITN) reported that its second-quarter net income attributable to stockholders decreased to $3.8 million, from $5.2 million, last year. Earnings per share was $0.18, compared to $0.25, last year.

On average, eight analysts polled by Thomson Reuters expected the company to report profit per share of $0.20 for the quarter. Analysts' estimates typically exclude special items.

Revenue increased 19.0% year-over-year to $488.2 million from $410.1 million. All four of the company's revenue sources—equipment, parts, service, and rental and other—contributed to the revenue growth. Analysts expected revenue of $463.11 million for the quarter.

The company adjusted its annual guidance based on increased visibility of market conditions. For the full year ending January 31, 2014, the company now expects revenue to be in the range of $2.25 billion to $2.45 billion compared to the previous range of $2.35 billion to $2.55 billion.

The company now expects fiscal year net income attributable to common stockholders to be in the range of $25.4 million to $31.8 million, and earnings per share to be in the range of $1.20 to $1.50. This is compared to previous net income attributable to stockholders guidance in the range of $36.4 million to $42.8 million, and earnings per share in the range of $1.70 to $2.00.

Analysts expect the company to report fiscal year profit per share of $1.79 on revenue of $2.37 billion.