Farm equipment retailer Titan Machinery Inc. said it expects to report a quarterly loss as demand was hit by a wet spring weather in the United States that delayed corn plantations, sending its shares down 12 percent in extended trade.
Titan gets almost 90 percent of its revenue from sales of farm equipment such as sprayers, hay and forage machinery, precision farming technology, tillage equipment and tractors.
Rival farm equipment maker Deere & Co. also issued a cautious outlook for 2013 last week.
"The whole agriculture market has been sort of behind this year as the planting season has been delayed compared to the last several years, so business has been quite light to begin the year," Sidoti & Company LLC analyst Joseph Mondillo said.
Titan said it expects to report a loss of 1-3 cents per share for the first quarter, on revenue of about $440 million.