Titan Machinery Inc. (TITN) said Thursday that it expects first quarter revenue to be about $440 million, compared to revenue of $421.7 million in the first quarter last year. The company said first quarter revenue is expected to be about $50 million less than it previously anticipated; mainly due to abnormally delayed spring weather combined with cautionary agriculture customer sentiment and the continued challenging industry conditions in the construction segment.
The company also said it expects a loss of $0.01 to $0.03 per share for the first quarter.
Analysts polled by Thomson Reuters expected the company to report earnings of $0.19 per share on revenue of $479.98 million for the first quarter. Analysts' estimates typically exclude special items.
Based on preliminary first quarter results and increased visibility of market conditions, the company lowered its annual earnings guidance to a range to a range of $1.70 to $2.00 from its prior guidance of $2.00 to $2.30, mainly reflecting lower operating margins in the construction segment.
The company, however, reiterated its full year fiscal 2014 revenue guidance of $2.35 billion to $2.55 billion.
Analyst currently expect the company to earn $2.15 per share on revenue of $2.41 billion for the fiscal year 2014.
Titan Machinery shares are currently losing 12.44% in after hours trading after closing the day's regular trading session at $22.50, down 13 cents.
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