04:44 AM EDT, 08/15/2024 (MT Newswires) -- (Updates with the stock move in the headline and the first paragraph, and details relating to the cut in guidance in the last.)

Titan Machinery ( TITN ) shares were down more than 24% pre-bell Thursday after the company's preliminary earnings and revenue for Q2 missed market expectations, while it cut the EPS outlook for fiscal 2025.

The company reported preliminary fiscal Q2 adjusted earnings late Wednesday of $0.17 per diluted share. Analysts polled by Capital IQ expect $0.60.

Revenue for the quarter ended July 31 is expected to be about $634 million, down from $642.6 million a year earlier. Analysts surveyed by Capital IQ expect $696.5 million.

The company revised its fiscal 2025 adjusted earnings estimates to $0 to $0.50 per diluted share from $2.25 to $2.75 set out previously. The updated guidance was adjusted for an estimated $0.36 impact for non-cash sale-leaseback financing expense in fiscal Q2, the company said. Analysts polled by Capital IQ expect $2.26.

Price: 11.90, Change: -3.47, Percent Change: -22.58