Boston, MA 05/28/2013 (wallstreetpr) – The shares prices of Titan Machinery Inc. (NASDAQ:TITN), the farm equipment retailer declined by 9.33 percent to close at $20.40 per share for the end of last trading session. The shares traded in the range of $19.76 to $20.58 per share during the day. The shares of Titan Machinery Inc. (NASDAQ:TITN) had been trading at new lows in the recent days as the company expects loss for the first quarter of 2013 owing to wet spring and weak construction.
Loss expected for first quarter, 2013
Titan Machinery Inc. (NASDAQ:TITN) is involved in the retail sales of farm equipments and earns almost 90 percent of its revenue from the sales of sprayers, hay and forage machinery, precision farming technology, tillage equipment and tractors. The delayed corn plantation due to wet spring weather in the United States had pushed Titan Machinery Inc. (NASDAQ:TITN) to expect quarterly loss for the first three months of 2013 fiscal year.
As the entire agriculture sector had been behind the schedule for planting season this year, the sales had been quite light to begin in the quarter. As a result, Titan Machinery Inc. (NASDAQ:TITN) expects revenue of $440 million and net loss attributable to shareholders to the extent of 1 to 3 cents per basic and diluted share.
The shares of Titan Machinery Inc. (NASDAQ:TITN) had recorded 52 week low price of $19.07 per share and 52 week high price of $34.10 per share. The farm equipment retailer presently holds 21.10 million shares outstanding and the institutional ownership in the company is 94 percent of the holdings.
