Titan Machinery reports 2Q loss, adjusted results miss expectations, top revenue forecasts

MarketsAssociated Press

Titan Machinery Inc. (TITN) on Tuesday reported a fiscal second-quarter loss of $603,000.

The West Fargo, North Dakota-based company said it lost 3 cents per share. Excluding non-recurring costs, the company said it earned 4 cents per share.

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The results missed Wall Street expectations. Analysts surveyed by Zacks Investment Research expected the company to report net income of 13 cents per share.

The agriculture and construction equipment seller posted revenue of $451 million in the period, topping Street forecasts. Analysts expected $450.2 million, according to Zacks.

Titan Machinery lowered its full-year guidance, and now expects to earn between 30 cents and 60 cents per share, with revenue in the range of $1.9 billion to $2.1 billion.

Titan Machinery stock fell 40 cents, or 3.1 percent, to $12.76 in midday trading. The shares have decreased 26 percent since the beginning of the year, and they have decreased 21 percent in the last 12 months.