Titan Machinery Q3 Profit, Revenue Decline; Lowers Full-year Earnings Outlook

Titan Machinery

13.64 USD -2.71%

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(RTTNews) - Titan Machinery Inc. (TITN), a dealer of agricultural and construction equipment, Tuesday reported net income of $1.71 million or $0.07 per share for the third quarter, significantly lower than $30.19 million or $1.32 per share in the same quarter a year ago, primarily impacted by lower revenue as well as higher expenses. The company also lowered its full-year earnings outlook below analysts' view.

Revenue for the quarter decreased to $679.82 million from $694.12 million in the previous year.

Analysts on average expected earnings of $0.05 per share on revenue of $675.3 million for the quarter. Analysts estimates typically exclude special items.

For the full year, Titan Machinery now expects loss per share in the range of $0.61-$0.11, compared with the previous outlook of loss per share of $0.36 to earnings of $0.14 per share.

The company currently sees adjusted EPS of a loss $0.25 to profit $0.25, down from the previous guidance of breakeven to EPS $0.50.

The Street is looking for a profit of $0.29 per share for the year.