Titan Machinery Inc. (TITN), a network of full-service agricultural and construction equipment stores, net loss attributable to common stockholders for the first quarter of fiscal 2014 was $0.4 million, compared to net income attributable to common stockholders of $7.5 million in the first quarter last year. Loss per share for the first quarter was $0.02 compared to earnings per share of $0.36 in the same quarter last year.
Operating expenses rose to $68.9 million from last year's $54.9 million for the first quarter of last year. The increase in operating expenses as a percentage of revenue reflects the impact of lower first quarter revenue and the higher operating expenses as a percent of revenue in the expanded Construction footprint. The Company expects operating expenses as a percentage of sales to improve in coming quarters as it expects sales growth to improve.
Total revenue for the first quarter of fiscal 2014 increased 4.7% to $441.7 million from revenue of $421.7 million in the first quarter last year. First quarter of fiscal 2014 revenue was approximately $50 million less than the Company previously anticipated due to abnormally delayed spring weather combined with cautionary agriculture customer sentiment and the continued challenging industry conditions in the Construction segment.
Analysts polled by Thomson Reuters expected the company to report a loss of $0.02 per share on revenues of $440.78 million for the quarter. Analysts' estimates typically exclude special items.
The company reiterated its recently updated annual guidance. For the full year ending January 31, 2014, the company anticipates revenue in the range of $2.35 billion to $2.55 billion, net income attributable to common stockholders in the range of $36.4 million to $42.8 million, and earnings per diluted share in the range of $1.70 to $2.00. Analysts expect the company to report earnings of $1.81 per share on revenues of $2.38 billion for fiscal 2014.
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