Titan Machinery’s 1Q Profit Dips

Titan Machinery Inc. (TITN) reported a 58% drop in year-over-year fiscal first-quarter profit, sending shares lower by about 3% today.

The company earned 10 cents per share in the quarter, which was down from last year’s 24 cents and short of analysts’ expectations by 3 cents.

Revenue advanced to $166.3 million from the year-ago level of $152.6 million.

However, Titan Machinery reiterated its guidance for the current fiscal year. It still sees earnings of 92 cents to $1.04 per share and revenue of $750 million to $790 million.

The average forecast for the fiscal year ending in January 2010 remains unchanged at 96 cents per share over the past month. A couple months ago, the consensus was pegged at $1.12 per share.

This Zacks #5 Rank (”Strong Sell”) company is trading on volume of 781,000 shares, higher than its daily average of 319,632.

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