Titan Machinery Inc. (NASDAQ:TITN) traded up 14.96% after announcing its fourth
quarter and full fiscal 2011 results. Revenue for the quarter reported was up
45.9% to $368.1 million as compared to revenues of $252.3 million posted in the
same quarter last year. The Company's equipment segment recorded an increase
of $107.1 million to $310.9 million. Full year revenues increased 30.5% to $1.09
billion as compared to $0.84 billion earned in 2010 with the increase in the
equipment revenues being $212.57 million or 33%. Gross profit margin was up by
0.5% to 15.2% in the quarter resulting in an increase of $19.1 million to $56.1
million. Margins for the completed year were however down by 0.9% resulting in a
gross profit of $174.6 million. Improved fixed operating cost leverage in the
reported quarter led to a decline in the operating expense ratio of 10.5% from
the last year same period reported ratio of 11.8%. Profit before taxes for the
Company's agriculture segment increased 127.4% in the quarter to $18.625
million while for the fiscal 2011 the construction segment's profit before
taxes were reportedly up by 49.5%. Net earnings in the quarter were $10.4
million or $0.57 per diluted share as compared to net earnings of $3.4 million
or $0.19 per diluted share reported in the same period year earlier. Net
earnings for the fiscal completed were $22.3 million or $1.23 per diluted share
as compared to net earnings of $15.7 million or $0.88 per diluted share reported
in the last fiscal. The Company estimated its fiscal 2012 revenues to be in the
range of $1.275 billion to $1.350 billion resulting in net earnings of $27.5
million to $29.4 million or $1.50 to $1.60 per diluted share. Titan Machinery
Inc. after reporting better organic growth and profitability jumped 14.96% to
close trade at $30.97 after hitting 52-week high of $31.73 on high volume
trading of 1.89 million shares. Titan Machinery Inc. owns and operates a network
of agricultural and construction equipment stores in the United States.
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