Palm Beach, FL 3/11/12 (StreetBeat) -- Shares of agriculture and construction equipment specialist Titan Machinery(Nasdaq: TITN) popped 16% on Wednesday after its quarterly results and full-year outlook blew past Wall Street estimates.So what: Titan Machinery's fourth-quarter beat was so wide -- EPS of $0.84 on revenue of $607 million versus the consensus of just $0.53 on revenue of $443.5 million -- that analysts are being forced to raise their growth estimates yet again. In fact, the stock is busting through its 52-week high on the report -- up about 100% from its October lows.
Now what: Looking ahead, management now sees 2013 EPS of $2.55 to $2.75, also well above the average estimate of $2.10. "As we begin fiscal 2013," said Chairman and CEO David Mayer, "we are excited about the outlook for our business and are confident that we are well positioned to build upon our positive momentum and generate another record year for Titan Machinery." While touching a red-hot stock usually burns, Titan's forward P/E of 12 (using the midpoint of management's guidance) still leaves plenty of room to buy into that optimism.
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