Agricultural and construction equipment retailer Titan Machinery Inc. (NYSE: TITN) has posted a 66% rise in third quarter earnings from the previous fiscal year.
According to a MarketWatch release, Titan’s profit for the quarter ending October 31 reached $12.8 billion, or 61 cents per share. For the third quarter of 2010, Titan’s profit was $7.71 million, or 42 cents per share. The company also raised its full-year earnings estimate by 20 cents to $1.76 to $1.86 a share and increased its revenue forecast by $95 million to a range of $1.43 billion to $1.5 billion.
“We are pleased with our year-to-date results, as we are positioned to deliver another record year of revenue and net income for Titan Machinery. Our strong financial performance in the third quarter was driven by solid execution on all fronts. Our Agriculture segment continues to benefit from the strong agriculture market due to an overall successful harvest in our region and a tight global supply of grain. Our Construction segment grew significantly compared to the year-ago period; a $3.4 million pre-tax income improvement. Industry and internal operating improvements positively impacted this segment, as well as our initiative to expand the rental business,” said David Meyer, Titan’s Chairman and CEO.
Titan is know for its sale of tractors, backhoes and other equipment used by builders and farmers. The company is headquartered in Fargo, North Dakota and has 90 dealerships located in Iowa, Minnesota, Montana, Nebraska, North Dakota, South Dakota, Wisconsin and Wyoming.