Titan Machinery to cut jobs, posts 10 pct drop in revenue

April 10 Thu Apr 10, 2014 7:02am EDT

April 10 (Reuters) - Farm equipment retailer Titan Machinery Inc reported a 10 percent drop in quarterly revenue and said it would reduce its workforce at its construction business by about 12 percent.

Revenue fell to $708.6 million in the fourth quarter ended Jan. 31 from $784.5 million a year earlier.

Net loss attributable to shareholders was $387,000, or 2 cents per share, compared with a profit of $15.4 million, or 73 cents per share, a year earlier.

Excluding items, the company earned 35 cents per share. (Reporting by Ankit Ajmera and Abinaya Vijayaraghavan in Bangalore; Editing by Savio D'Souza)

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