Titan Machinery Inc.'s (TITN) fourth-quarter net income attributable to common stockholders dropped to $15.4 million, or $0.73 per share, from $17.6 million, or $0.84 per share a year ago. On average, 9 analysts polled by Thomson Reuters expected earnings per share of $0.92 for the quarter. Analysts' estimates typically exclude one-time items.
Pre-tax income for the quarter stood at $25.8 million, versus $29.6 million in the fourth quarter last year.
However, the company's quarterly revenue increased 29.2% to $784.5 million, from $607.0 million in the prior-year quarter, with all four of its revenue sources equipment, parts, service, and rental and other contributing to this period-over-period revenue growth. Analysts estimated revenues of $692.78 million for the quarter.
Titan Machinery evaluates its financial performance based on its customers' annual production cycles as opposed to a quarterly basis, due to weather fluctuations and the seasonal nature of each customer's business. For the year ending January 31, 2014, the company sees increased revenue in the range of $2.35 billion - $2.55 billion, net income attributable to common stockholders in the range of $42.8 million - $49.2 million, and earnings per share of $2.00 - $2.30, based on estimated weighted average diluted common shares outstanding of 21.4 million.
For comments and feedback: editorial@rttnews.com