This morning, Titan Machinery reported that revenues in the first quarter of fiscal year 2012 increased 54.9% to $318.2 million from revenue of $205.5 million, and net income rose to $7.3 million, compared to net income of $1.6 million in the first quarter last year. The company also raised its outlook for the remainder of the year.

The company evaluates its financial performance based on its customers' annual production cycles as opposed to a quarterly basis, due to weather fluctuations and the seasonal nature of the customer's business.

Based on first quarter results and its outlook for the remainder of fiscal 2012, the company is raising its revenue, net income and diluted earnings per share guidance range for the full year ending January 31, 2012. Titan now expects to achieve revenue for the full year ending January 31, 2012 in a range of $1.310 billion to $1.385 billion compared to the previous range of $1.275 billion to $1.350 billion.

Net income is now expected to be in the range of $31.2 million to $33.3 million compared to the previous range of $27.5 million to $29.4 million. The company's previous earnings per diluted share range of $1.50 to $1.60 were based on estimated weighted average diluted shares of 18.35 million. The new earnings per share range of $1.53 to $1.63 is based on estimated weighted average diluted shares of 20.4 million. The additional shares in the estimated weighted average of diluted shares are primarily due to the recently completed follow-on equity offering of 2.76 million shares which occurred in May, 2011.