Reuters: Global Markets: Titan Machinery cuts profit outlook as drought weighs on margins

Reuters: Global Markets Reuters.com is your source for breaking news, business, financial and investing news, including personal finance and stocks. Reuters is the leading global provider of news, financial information and technology solutions to the world's media, financial institutions, businesses and individuals. // via fulltextrssfeed.com

Titan Machinery cuts profit outlook as drought weighs on margins Sep 10th 2012, 11:37 Mon Sep 10, 2012 7:37am EDT (Reuters) - Farm equipment retailer Titan Machinery Inc (TITN.O) reported a lower-than-expected quarterly profit and cut its full-year profit forecast as the worst drought in 56 years in the U.S. Midwest hurt margins. The company cut its full-year profit forecast to between $2.10 and $2.30 per share from its previous forecast of between $2.55 and $2.75 per share. Shares of Titan Machinery were down 15 percent in premarket trading on Monday. They closed at $25.36 on the Nasdaq on Friday. Second-quarter net income fell to $5.2 million, or 25 cents per share, from $6.3 million, or 30 cents per share, a year earlier. Revenue rose 32 percent to $410.1 million. Analysts on average expected the company to earn 43 cents per share on revenue of $401.9 million.

You are receiving this email because you subscribed to this feed at blogtrottr.com. If you no longer wish to receive these emails, you can unsubscribe from this feed, or manage all your subscriptions