Titan Issues Outlook

Titan Machinery Inc., a network of full-service agricultural and construction equipment stores, reported financial results for the first quarter ended April 30, 2011. For the first three months of fiscal 2012, revenue increased 54.9% to $318.2 million from revenue of $205.5 million in the first quarter last year.

All three of the company’s main revenue sources, equipment, parts and service, contributed to this period-over-period revenue growth. Equipment sales were $249.2 million for the first quarter of fiscal 2012, compared to $150.4 million in the first quarter last year. Parts sales were $41.9 million for the first quarter of fiscal 2012, compared to $35.1 million in the first quarter last year. Revenue generated from service was $21.0 million for the first quarter of fiscal 2012, compared to $16.6 million in the first quarter last year.

Based on first quarter results and its outlook for the remainder of fiscal 2012, Titan Machinery is raising its revenue, net income and diluted earnings per share guidance range for the full year ending January 31, 2012.

The Company now expects to achieve revenue for the full year ending January 31, 2012 in a range of $1.310 billion to $1.385 billion compared to the previous range of $1.275 billion to $1.350 billion.

The company said net income is now expected to be in the range of $31.2 million to $33.3 million compared to the previous range of $27.5 million to $29.4 million. ◆