Titan Machinery Q1 results top Street view, shares rise

Construction Machinery (Recasts, adds details, share movement) June 16 (Reuters) - Titan Machinery Inc (TITN.O: Quote , Profile , Research ) posted first-quarter results that handily beat market estimates,boosted by higher revenue from its equipment, parts and servicesdivisions, and raised its full-year outlook, sending its shares up9 percent before the bell. The company, which owns and operates agricultural and constructionequipment stores, reported a profit of $3.4 million, or 24 cents ashare, compared with $0.8 million, or 12 cents a share, a yearearlier. Revenue jumped 91 percent to $152.6 million. Equipment sales nearlydoubled to $120.9 million, while parts sales surged 75 percent to$21.5 million. Analysts on average were expecting earnings of 13 cents a share onrevenue of $119.5 million, according to Reuters estimates. "We are continuing to see an overall strong agriculture economy,"Titan Machinery's Chief Executive David Meyer said. The company expects full-year earnings of 86 cents to 91 cents ashare, compared with its prior view of 77 cents to 82 cents.Analysts were expecting 79 cents a share. The company, which went public in December last year, now seesrevenue of $575 million to $625 million for the year. It hadpreviously forecast $550 million to $600 million. Analysts werelooking for $588.6 million. Shares of the company were trading at $30.33 before the bell. Theyclosed at $27.90 Friday on Nasdaq. (Reporting by Adheesha Sarkar inBangalore; Editing by Deepak Kannan)