Titan Machinery Q3 Profit Decreases; Revises FY15 Outlook - Quick Facts

(RTTNews) - Titan Machinery Inc. (TITN), a network of full-service agricultural and construction equipment stores, reported third-quarter net income to stockholders of $2.4 million, or $0.11 per share, compared to $5.7 million, or $0.27 per share, in the third quarter last year. Excluding the foreign currency losses of $0.5 million, adjusted net income attributable to stockholders was $2.9 million, or $0.14 per share, for the quarter.

On average, seven 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 was $493.1 million, compared to $588.0 million in the third quarter last year. Analysts expected revenue of $521.60 million for the quarter.

For the fiscal year ending January 31, 2015, the company revised annual outlook. The company expects revenue to be in the range of $1.85 billion to $2.0 billion, compared to previous range of $1.9 billion to $2.1 billion. The company expects adjusted earnings per share to be in the range of $0.10 to $0.30, compared to previous range of $0.30 to $0.60. Analysts expect the company to report fiscal year earnings per share of $0.40 on revenue of $2.05 billion.

The company expects fiscal year GAAP loss per share to be in the range of $0.02 to $0.23, compared to the previous range of $0.00 to $0.30 GAAP income per share.