Titan Machinery Inc. Reiterates Outlook for 2010 Fiscal Year

Wed July 08, 2009 - Midwest Edition

FARGO, N.D. (AP) Titan Machinery Inc., which runs construction and agriculture-equipment stores, on June 9 reiterated its outlook for the 2010 fiscal year.

For the year ending Jan. 31, the Fargo, N.D., company expects a profit of 92 cents to $1.04 per share on revenue of $750 million to $790 million.

The company recently completed the acquisition of two agricultural-equipment dealerships and opened a new construction-equipment dealership.

“Although the current economic headwinds are impacting our construction dealerships’ financial performance, we are integrating these newly-acquired construction stores into the Titan operating model and will be well-positioned when the construction equipment industry begins to improve,” Chief Executive David Meyer said in a statement.

Titan also reported that profit in its fiscal 2010 first quarter fell 47 percent as rising expenses offset a 9 percent sales increase.