Titan Machinery Q3 Profit Declines; Updates FY14 Guidance - Quick Facts

(RTTNews) - Titan Machinery Inc. (TITN), a network of full-service agricultural and construction equipment stores, reported that its third-quarter net income attributable to stockholders decreased to $5.7 million, from $13.9 million, last year. Earnings per share was $0.27, compared to $0.66.

On average, nine analysts polled by Thomson Reuters expected the company to report profit per share of $0.48 for the quarter. Analysts' estimates typically exclude special items.

Revenue rose year-over-year to $588.0 million from $582.1 million. Analysts expected revenue of $613.31 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 $2.15 billion to $2.35 billion compared to the previous range of $2.25 billion to $2.45 billion.

The company expects fiscal year net income attributable to stockholders to be in the range of $11.6 million to $15.8 million, and earnings per share to be in the range of $0.55 to $0.75, primarily reflecting the lower expected equipment sales and margins. This compares to previous net income attributable to common stockholders guidance in the range of $25.4 million to $31.8 million, and earnings per share in the range of $1.20 to $1.50.

Analysts expect the company to report fiscal year profit per share of $1.29 on revenue of $2.35 billion.