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December 5, 2013
12:02 EDTCAT, CNHI, DE, TITN, AGCOTitan Machinery falls after cutting full year profit view in half
Shares of agricultural and construction equipment retailer Titan Machinery (TITN) are falling after the company’s third quarter results missed analysts’ consensus estimate and the company slashed its fiscal 2014 earnings outlook. WHAT'S NEW: This morning, Titan Machinery reported third quarter earnings per share of 27c and revenue of $588M, both of which missed analysts’ consensus estimates. The company sharply lowered its FY14 outlook, citing continuing challenges in both the agriculture and construction industries. The company cut its FY14 EPS view to 55c-75c from $1.20-$1.50, and lowered its FY14 revenue outlook to $2.15B-$2.35B from $2.25B-$2.45B. Analysts’ consensus estimates for FY14 were $1.29 and $2.35B prior to the company's report. The company said that it will take steps to reduce its inventory levels, which it expects will allow it to generate positive cash flow from operations as inventory levels decline. ANALYST REACTION: This morning in a note to investors, Wells Fargo said soft demand for farm and construction equipment will likely translate into distributors reducing inventory at minimum through next year. Wells forecasted new equipment inventory cuts for Titan of approximately 25% in Q4, and 40% in FY15. Titan's inventory reduction forecast appears negative for CNH Industrial (CNHI), said Wells, noting that Titan is a large CNH distributor. PRICE ACTION: In late morning trading, Titan Machinery fell $1.17 or 7.33% to $14.80 on nearly four times its average daily trading volume. The shares hit a new 52-week low of $14.19 earlier in the session and are down approximately 40% since the start of the year. Meanwhile, shares of CNH Industrial trading in New York were down 2.6% to $10.48. OTHERS TO WATCH: Agricultural equipment makers AGCO Corporation (AGCO) and Deere (DE), and construction equipment maker Caterpillar (CAT), all have a negative read-through from Titan's commentary, according to Wells Fargo.
News For TITN;CNHI;AGCO;DE;CAT From The Last 14 Days
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April 14, 2014
14:11 EDTDEDeere mixed March trends relatively weak, says Wells Fargo
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13:52 EDTDEDeere reports March utility tractor sales down double digits
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April 11, 2014
12:42 EDTTITNOn The Fly: Analyst Upgrade Summary
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07:16 EDTTITNTitan Machinery upgraded to Neutral from Underperform at Longbow
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April 10, 2014
10:00 EDTDEOn The Fly: Analyst Upgrade Summary
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08:53 EDTDEDeere upgraded to Neutral from Cautious at ISI Group
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06:54 EDTTITNTitan Machinery to reduce its Construction segment headcount by 11.7%
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06:52 EDTTITNTitan Machinery sees 2015 EPS 58c-88c with items, consensus 89c
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06:49 EDTTITNTitan Machinery reports Q4 adjusted EPS 35c, consensus 20c
Reports Q4 revenue $708.6M, consensus $725.07M.
April 9, 2014
15:19 EDTTITNNotable companies reporting before tomorrow's open
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14:00 EDTAGCO, DEApril WASDE data imply modest row crop cash improvement, says Wells Fargo
Well Fargo estimates that the latest WASDE report from the USDA implies U.S. row crop farmer cash receipts declining 13% in 2013/14 from the prior year, which is a modest improvement from March's implied forecast. The firm notes that the data still suggests an apparent decrease in 2013/2014 farm cash flow and keeps its Underperform ratings on Deere (DE) and AGCO (AGCO).
09:33 EDTCATBofA/Merrill's industrial/mining analysts hold analyst/industry conference call
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April 7, 2014
07:20 EDTTITNTitan Machinery guidance likely to be disappointing, says Piper Jaffray
Piper Jaffray expects disappointing guidance from Titan Machinery due to weak equipment margins and demand for farm machinery. Piper lowered its estimates for Titan and keeps a Neutral rating on the stock ahead of the company's Q4 results.
April 6, 2014
18:07 EDTCATCaterpillar likely to face more IRS pressure, WSJ says
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April 3, 2014
07:36 EDTCATJim Chanos says still short shares of Caterpillar
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