Titan Machinery, North America’s largest dealer network for farm equipment, this morning reported its revenue increased 37.6% to $582.1 million for the third quarter of fiscal 2013 from revenue of $423 million in the third quarter last year, also raised its outlook for the remainder of the year.
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 each customer's business. Titan raised its previous revenue guidance and expects its revenue for the full year ending January 31, 2013 to be in the range of $2 billion to $2.15 billion from the previous range of $1.95 billion to $2.1 billion.
Net income attributable to common stockholders is expected to be in the range of $44.1 million to $48.3 million. Earnings per diluted share is expected to be in the range of $2.10 to $2.30 based on estimated weighted average diluted common shares outstanding of 21.0 million. For comparative purposes, the company generated revenue of $1.66 billion in fiscal year 2012 and net income attributable to common stockholders for fiscal 2012 was $43.8 million, or $2.18 per diluted share, based on weighted average diluted common shares outstanding of 20.1 million.