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What: Shares of industrial equipment retailer Titan Machinery (Nasdaq: TITN) were soaring today, gaining as much as 12% in intraday trading on heavier-than-average volume.

So what: Before the market opened, Titan announced earnings for its fiscal first quarter, which ended in April. It's no wonder shareholders were jazzed: Revenue for the quarter leapt 55% from last year to $318 million, easily besting the $260 million that analysts were expecting. On the bottom line, the company reported earnings per share of $0.40, which compares very favorably with the $0.09 reported last year and the $0.22 that Wall Street was anticipating. The growth came via both acquisitions and organic growth.

Now what: For investors, the news got even better as Titan also boosted its outlook for the rest of the year. The midpoint of the company's revenue guidance was bumped up slightly to $1.35 billion, while it set its earnings-per-share range at $1.53 to $1.63. Analysts had been expecting $1.48 in earnings per share on $1.34 billion in revenue.

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