(Reuters) - Titan Machinery Inc’s (TITN.O) 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 December 31.
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.
Reporting by Sagarika Jaisinghani in Bangalore; Editing by Joyjeet Das