Titan Machinery Surprises Analysts
Titan Machinery (TITN) announced first quarter results Thursday morning that caught Wall Street by surprise. The retail outlet for farm and construction equipment, increased year-over-year revenues by 55% to $318 million, while EPS jumped over four-fold to $0.40. Analysts were expecting revenues of $260.5 million and EPS of $0.22. The company also gave a brighter outlook for the coming quarters, raising full year revenue guidance to a range of $1.31-1.385 billion from $1.275-1.35 billion, and boosting net income projections to a range of $1.53-1.63 EPS from $1.50-1.60. The earnings beat and the bump in guidance took TITN shares up over 7% in Thursday morning trade.
How Did the Street Miss This Story?
Titan became a Zacks #1 Rank (strong buy) stock on April 6 as analysts began raising estimates following the company’s fourth quarter report. Full year EPS consensus projections reached $1.61 over a month ago, but then started toComplete Story »