UPDATE: Titan Machinery Posts Downbeat Q2 Profit, Lowers Full-Year Profit Forecast

Titan Machinery

reported a weaker-than-expected second-quarter profit and lowered its full-year profit view. Titan Machinery lowered its profit view to $2.10 to $2.30 per share, versus its earlier outlook of $2.55 to $2.75 per share. Titan Machinery's quarterly net income dropped to $5.2 million, or $0.25 per share, versus $6.3 million, or $0.30 per share, in the year-ago period. Its revenue surged 32% to $410.1 million. However, analysts were expecting earnings of $0.43 per share on revenue of $401.9 million. Titan Machinery shares tumbled 16.13% to $21.27 in pre-market trading.