Titan Machinery Reports 42 Cents EPS, Beats Estimates (TITN)

Titan Machinery Inc. TITN announced on Thursday morning that it easily beat consensus Wall Street estimates. Titan Machinery Inc reported that its 3rd quarter net income rose to $7.7 million, or 42 cents per share, up from $5.7 million, or 32 cents per share, a year earlier. Titan Machinery Inc. (TITN) reported that its revenue jumped to $311.31 million, up from $227.02 million a year earlier. According to a survey of analysts by Thomson Reuters, the average Wall Street estimate called for earnings of 36 cents per share, on revenue of $260.62 million. Chairman and chief executive officer David Meyer said, “We are pleased with our third quarter results, which underscore our ability to capitalize on favorable conditions in the Agriculture industry and improve operating results in the Construction business. In the quarter, the growth in our Agriculture business was driven by a number of factors including favorable harvest conditions and crop yields across our footprint and increased demand for our current tier-three equipment inventory. We also are encouraged by the improved performance of our Construction business, which reflects the success of our ongoing Construction Business Action Plan. The strong revenue growth for both business segments enabled us to offset margin pressure for our equipment sales. Based on our financial results for the first nine months of the year and our outlook for the fourth quarter, we are raising our annual revenue and earnings per share guidance range.” Titan Machinery Inc closed the previous trading day at $20.94 per share. Analysts covering the company's stock give it a consensus price target of $20.17 per share. Read more from Benzinga's Company news.