09.09.2014 15:25:44

Titan Machinery Slips To Loss In Q2, Cuts Full-year Outlook - Update

(RTTNews) - Titan Machinery Inc. (TITN), an operator of agricultural and construction equipment stores, Tuesday reported a loss for the second quarter compared to a profit last year, reflecting lower revenues and higher interest expense. Adjusted earnings excluding items missed analysts expectations, while revenues came above view.

The company cut its earnings and revenue outlook for the fiscal year ending January 31, 2015. The shares fell about 9 percent in pre-market trading.

For the second quarter ended July 31, 2014, net loss attributable to stockholders was $0.6 million or $0.03 per share, compared to a net income of $3.78 million or $0.18 per share in the previous year. Excluding impact of store closing costs and Ukraine Remeasurement, adjusted earnings for the recent quarter were $0.04 per share.

On average, eight analysts polled by Thomson Reuters expected the company to report earnings of $0.10 per share for the quarter. Analysts' estimates typically exclude special items.

Quarterly revenue declined 7.6 percent to $450.99 million from $488.18 million in the same quarter last year. Analysts estimated revenues of $442.37 million for the quarter.

Equipment sales were $320.1 million, down from $358.4 million in the same quarter last year.

Revenues from Agriculture segment fell 14.5 percent, while revenues from Construction segment climbed 15.9 percent from last year. International showed a revenue increase of 9.3 percent from last year.

Floorplan interest expense increased to $5.3 million from $3.7 million, mainly due to increased levels of interest-bearing equipment inventory, the firm said.

Looking ahead, for the fiscal year, the company expects earnings to be in the range of $0.00 to $0.30 per share, significantly down from the earlier outlook of $0.59 to $0.89 per share.

Titan Machinery noted that its earnings per share guidance includes impact of the $0.10 per share associated with the company's realignment, as well as $0.21 per share due to balance sheet impact of Ukrainian Hryvnia devaluation, which were realized in the first half of fiscal 2015.

Excluding items, adjusted earnings per share are expected to be $0.30 to $0.60, compared to the previous estimate of $0.70 to $1.00 per share.

The firm now projects 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.

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

TITN closed Monday's regular trading at $13.16, up 5.11 percent. In the pre-market activity on Tuesday, the shares are down 8.13 percent.

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