Titan Machinery Inc. (TITN: 14.85 -0.19 -1.26%) reported a 58% drop in year-over-year fiscal first-quarter profit, sending shares lower by about 3% today.
The company earned 10 cents per share in the quarter, which was down from last year’s 24 cents and short of analysts’ expectations by 3 cents.
Revenue advanced to $166.3 million from the year-ago level of $152.6 million.
However, Titan Machinery reiterated its guidance for the current fiscal year. It still sees earnings of 92 cents to $1.04 per share and revenue of $750 million to $790 million.
The average forecast for the fiscal year ending in January 2010 remains unchanged at 96 cents per share over the past month. A couple months ago, the consensus was pegged at $1.12 per share.
This Zacks #5 Rank (”Strong Sell”) company is trading on volume of 781,000 shares, higher than its daily average of 319,632.
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