Titan Machinery Inc. up 15% on robust earnings growth in Q4 2011

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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.