* Fourth-quarter revenue $582.1 mln vs est $512.8 mln
* Earnings $0.66/share vs est $0.65/share
* Revenue from agriculture rises 40 pct
* Shares rise as much as 6 pct
Dec 6 Titan Machinery Inc's quarterly
revenue handily beat analysts' expectations on higher demand for
its farm equipment, and the company raised its revenue forecast
for its fiscal year ending January 2013.
Titan shares rose as much as 6 percent to $24.49 in early
trading on the Nasdaq on Thursday. They have lost a quarter of
their value since July.
"Producers enjoyed an early harvest this growing season,
providing them plenty of time to prepare their fields for the
2013 growing season," Chief Executive David Meyer said on a
post-earnings conference call.
The company also expects strong equipment sales through the
year as a government scheme which allows farmers to write off
their investments in equipment at an accelerated rate expires on
Titan said it expects revenue of between $2.00 billion and
$2.15 billion for the fiscal year, above its prior forecast of
$1.95 billion to $2.10 billion.
Revenue in the company's agriculture business jumped 39
percent in the quarter ended October. Total revenue rose nearly
38 percent to $582.1 million.
Net income attributable to common stockholders rose to $13.9
million, or 66 cents per share, from $12.7, or 61 cents per
share, a year earlier.
Analysts on average expected earnings of 65 cents per share,
excluding items, on revenue of $512.8 million, according to
Thomson Reuters I/B/E/S.