Agricultural and construction equipment stores operator Titan Machinery Inc. (TITN) reported Wednesday an increase in second-quarter profit that surpassed analysts' estimate, helped by higher revenues from all three of the company's main businesses. The company also maintained its earlier outlook for the full year.
For the second quarter, net income rose to $4.85 million or $0.27 per share from $3.33 million or $0.19 per share in the previous year.
On average, five analysts polled by Thomson Reuters expected the company to report earnings of $0.18 per share in the second quarter. Analysts' estimates typically exclude special items.
Total revenues for the quarter surged 43.2% to $193.19 million from $134.90 million. Three analysts were expecting revenue of $166.34 million in the second quarter.
Equipment revenue rose to $141.14 million from $97.84 million, with Parts revenue mounting to $32.45 million from $23.61 million and Service revenue increasing to $15.64 million from $10.79 million. Other revenue, including trucking and rental was $3.96 million, up from $2.66 million in the shame period last year.
David Meyer, Titan Machinery's Chief Executive, said, "Our agriculture equipment business remained strong in the second quarter as our customers continue to have solid balance sheets and ample access to credit, which enables them to invest in equipment. Although there has been some recent volatility in commodity prices, there have been a number of marketing strategies for this year's crop driving continued purchases of large tractors and combines."
Meyer continued that the softness in the construction equipment business in the second quarter was because of the impact of the global slump on the construction industry.
For the six-month period, net income dipped to $6.64 million or $0.37 per share from $6.72 million or $0.43 per share in fiscal 2009. The average shares outstanding increased 15.6% to 17.9 million from 15.5 million in the year-ago period due to Titan's May 2008 follow-on offering. Revenues grew 25% to $359.49 million from $287.48 million.
Looking ahead to the full year, the company reiterated its earnings guidance range of $16.6 million to $18.7 million or $0.92 to $1.04 per share, and revenue outlook range of $750 million to $790 million.
Analysts currently expect the company to report earnings of $0.92 per share, on revenues of $736.23 million for fiscal 2010.
TITN is currently trading at $14.14, up $1.55or 12.31%, on the NASDAQ.
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