Titan Machinery Inc, which owns and operates agricultural and construction equipment stores, posted a 48 percent rise in second-quarter profit, helped by strong sales growth at all its segments, and reaffirmed its full-year outlook.
For the second quarter ended July 31, net income was $4.9 million, or 27 cents a share, compared with $3.3 million, or 19 cents a share, a year ago.
Revenue rose 43 percent to $193.2 million. Equipment sales rose 44 percent to $141.1 million, while sales at its parts and service segments grew 38 percent and 44 percent, respectively.
Analysts on average were expecting earnings of 18 cents a share, before special items, on revenue of $160.3 million, according to Reuters Estimates.
The company continues to see fiscal 2010 earnings of 92 cents to $1.04 a share on revenue of $750 million to $790 million.
Analysts were looking for a profit of 92 cents a share, before items, on revenue of $741.9 million.
Shares of the Fargo, North Dakota-based company were trading at $14 before the bell. They closed at $12.59 Tuesday on Nasdaq. (Reporting by A.Ananthalakshmi in Bangalore; Editing by Maju Samuel)