UPDATE: Titan Machinery Posts 9.9% Rise In Q3 Profit, Lifts Revenue Forecast

Titan Machinery

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.