UPDATE: Titan Machinery Posts 9.9% Rise In Q3 Profit, Lifts Revenue Forecast
Titan Machinery (NASDAQ: TITN) reported a 9.9% rise in its fiscal third-quarter profit and lifted its revenue forecast for the year.
Titan Machinery now expects full-year revenue of $2 billion to $2.15 billion, versus its earlier forecast of $1.95 billion to $2.1 billion.
Titan Machinery's quarterly profit surged to $14.1 million, or $0.66 per share, from a year-ago profit of $12.8 million, or $0.61 per share.
Its revenue climbed 38% to $582.1 million. However, analysts were expecting earnings of $0.65 per share on revenue of $513 million.
Its gross margin declined to 16.2% from 17.5%.
Titan Machinery shares closed at $23.14 yesterday.
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