Titan Machinery’s first quarter profits quadruple

Titan Machinery of Fargo, North Dakota, announced that their fiscal first-quarter profits more than quadrupled thanks to a revenue jump in each of the company’s three main businesses. Net income climbed to $3.4 million at 24 cents per share, up from 12 cents a share in the same quarter of the previous year. The per-share results mirror nearly 13.8 million shares outstanding in the first quarter of this year, up 6.8 million from the 2007 first quarter. Titan’s revenue soared to $152.6 million in the second quarter, up 91 percent from the $79.8 million mark in the first quarter of 2008. Rising sales in the three main business components for Titan – equipment, parts and services – helped to achieve these profits.