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What: Shares of equipment retailer Titan Machinery, (NASDAQ:TITN) fell as much as 11% today after the company reported earnings.
So what: Revenue was up 1% in the third quarter, to $588 million, but fell well short of the $615.2 million Wall Street expected. The bottom line was even worse, with net income falling 60%, to $5.7 million, or $0.27 per share, below estimates of $0.66.
Now what: Same-store sales were down, which resulted in higher operating expenses in the quarter. What really hurt today was a full-year earnings guidance reduction from $1.20 to $1.50 per share, to a range of $0.55 to $0.75 per share. Given the expected weakness going forward, I just don't see a great reason to buy today.
Fool contributor Travis Hoium has no position in any stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.