real-time news and commentary for investors
Thursday, Sep 5
Titan Machinery cuts outlook
- Titan Machinery (TITN) puts up a solid top line beat for FQ2 even as the bottom line comes up a shade short of consensus.
- All four segments (equipment, parts, service, and rental) post Y/Y revenue gains with equipment sales (the biggest contributor to the top line) logging a 17% increase.
- Gross margin falls 10 bps.
- "Given the challenges we are facing in both agriculture and construction industries, we are reducing our revenue, net income, and earnings per share expectations for fiscal 2014," CEO David Meyer says. (PR)
- FY14 outlook: EPS of $1.20-1.50 (versus previous guidance of $1.70-2) on revenue of $2.25-2.45B (versus previous guidance of $2.35-2.55B). Consensus is $1.79/ share on sales of $2.37B.