was on #72
Farmer demand for combines and tractors in the upper Midwest boosted first-quarter sales for dealership chain Titan Machinery (TITN). But rising costs cut into earnings, and its guidance range merely bracketed analyst views.
Shares tumbled 19.2% to 26.91.
The equipment seller earned 36 cents, down from 40 cents a year ago and 2 cents shy of analyst forecasts. Sales climbed 33% to $422 million, beating views for $393.7 million.
Costs climbed 39%, in part on business expansion, and through a mix shift to construction equipment, which has higher operational costs, the company said.
** DAILY **
** weekly **
Last week, shares of Tractor Supply (TSCO) tumbled on an analyst note suggesting same-store sales for the ranch and small-farm supply shops were slowing.
No comments:
Post a Comment