WEST FARGO, N.D. — Titan Machinery Inc. stock fell 14 percent Wednesday after the company reported its fiscal fourth-quarter net income fell 12.5 percent as operating expenses rose and its construction segment dealt with tough industry conditions.
The agricultural and construction equipment provider's earnings missed Wall Street's estimates while revenue topped analysts' view. Its fiscal 2014 earnings forecast was below analysts' expectations, but its revenue outlook exceeded estimates. Titan has expanded relentlessly by acquisitions in recent years.
It was the third-biggest percentage loser on the Nasdaq on Wednesday.
Titan has 106 dealerships in North America, 15 in Nebraska, including one in Lincoln.
The company anticipates fiscal 2014 earnings between $2 and $2.30 per share on revenue in a range of $2.35 billion to $2.55 billion. Analysts expect earnings of $2.60 per share on revenue of $2.28 billion.