After reporting a 36% revenue gain in its fiscal third quarter 2012, this morning Titan Machinery also raised its revenue and outlook for all FY 2012.
The company evaluates its financial performance based on its customers' annual production cycles as opposed to a quarterly basis, due to weather fluctuations and the seasonal nature of the customer's business.
Based on year-to-date results and its outlook for the remainder of fiscal 2012, the company is raising its revenue, net income and earnings per diluted share guidance range for the full year ending January 31, 2012. The company now expects to achieve revenue for the full year ending January 31, 2012 in a range of $1.425 billion to $1.5 billion compared to the previous estimate of $1.33 billion to $1.405 billion.
Net income is now expected to be in the range of $35.9 million to $37.9 million compared to the previous net income range of $31.8 million to $33.9 million. Earnings per diluted share is now expected to be in the range of $1.76 to $1.86 compared to the previous range of $1.56 to $1.66 based on estimated weighted average diluted shares outstanding of 20.4 million.