Titan Machinery 1st-quarter profit quadruples

Titan Machinery Inc., which operates agricultural and construction equipment stores, said Monday its fiscal first-quarter profit more than quadrupled, as revenue jumped in each of the company's three main businesses.

For the quarter ended April 30, net income rose to $3.4 million, or 24 cents per share, from $772,000, or 12 cents per share in the prior year quarter. The per-share results reflect approximately 13.8 million shares outstanding in the 2008 quarter, compared with about 7 million in the year-ago quarter.

Analysts polled by Thomson Financial, on average, expected profit of 13 cents per share.

Revenue jumped 91 percent to $152.6 million, from $79.8 million in the first quarter of 2008.

Sales rose in all three of its main businesses _ equipment, parts and services.

Titan said a longer-than-normal planting season and "the robust agriculture economy" contributed to its results.

Titan shares rose $3.29, or 12 percent, to $31.19 in premarket electronic trading, from their close Friday at $27.90.