Reuters: Market News: UPDATE 1-Titan Machinery 4th-qtr profit rises

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UPDATE 1-Titan Machinery 4th-qtr profit rises Apr 11th 2012, 11:26 Wed Apr 11, 2012 7:26am EDT April 11 (Reuters) - Farm equipment retailer Titan Machinery Inc reported a higher quarterly profit as rising farm incomes a n d an improving construction market s p urred demand for its tractors and other agricultural products, sending its shares up 7 percent. The company, which has benefited from soaring food prices over the last two years, expects full-year earnings of $2.55 per share to $2.75 per share on revenue of $1.95 billion to $2.1 billion. For the fourth quarter, net income attributable to the company rose to $17.8 million, or 84 cents a share, from $10.4 million, or 57 cents a share, a year ago. Revenue jumped 65 percent to $607 million. Shares of the West Fargo, North Dakota-based company rose to $29.45 in premarket trade. They had closed at $27.47 on Tuesday on the Nasdaq.

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