Why Titan Machinery Stock Crashed 22% Today
Shares of construction and agricultural equipment manufacturer Titan Machinery (NASDAQ: TITN) collapsed after the company reported a big earnings and sales miss on Thursday. Wall Street had expected Titan to report $1.13 per share in adjusted earnings on sales of $684.4 million, but Titan actually reported only $0.81 per share (adjusted -- GAAP profits were $0.80 per share) on sales of $583 million.
As of 9:55 a.m. ET, Titan shares are down 22.2%.
So how bad was this news exactly? It depends on your frame of reference. Viewed in isolation, fiscal Q4 2023 was kind of a disappointment.
Source Fool.com
