Titan Machinery Plunges After Q2 Results

Titan Machinery TITN released its fiscal second-quarter earnings results prior to the copening bell on Monday. The company reported net income of $5.15 million or $0.25 per share, compared to $6.23 million or $0.30 per share, in the year ago period. This came in well below Wall Street analysts' consensus earnings per share estimates of $0.43. Revenues in the period were $410.07 million versus $310.85 million last year. This came in above consensus revenue estimates of $401.91 million. Titan Machinery lowered its EPS guidance for the full-year, but reiterated its full-year revenue guidance. The company still expects revenue between $1.95 billion and $2.1 billion for the fiscal year. Earnings per share for the full-year is now expected to be in a range between $2.10 to $2.30 versus the company's previous guidance of $2.55 to $2.75. Currently, analysts' expect Titan Machinery to report EPS of $2.64 on revenues of $2.02 billion for the full-year. During Monday's trading session, TITN has plunged almost 23 percent and was last trading at $19.61.