Titan Machinery lifted its full-year results guidance after a reporting a rise in quarterly earnings way above that Wall Street had expected, lifted by a "strong agriculture market".

The North Dakota-based farm machinery retailer, which is expanding into Europe, raised its estimate for sales for the year to the end of next month to $1.425bn-1.5bn, from $1.330bn-1.405bn, putting its guidance back above analysts' hopes.

Earnings per share will hit $1.76-1.86, more than the $1.56-1.66 previously forecast, and the $1.66 expected by Wall Street.

"We are positioned to deliver another record year for revenue and net income," David Meyer, the Titan Machinery chairman and chief executive, said.

'Solid execution'

The upgrade represented the second this week for a US agribusiness group, after Monsanto on Tuesday raised quarterly guidance.

And it followed an August-to-September quarter in which the company raised earnings by 66% to $12.8m, on revenues up 30% at $312.3m, boosted by the firm market also reported byCNH Global, the maker of Case and New Holland tractors, brands which Titan sells.

Titan's earnings per share of $0.61 trounced investors' expectations of a $0.50-a-share result.

The improvement, while in part down to dealership acquisitions, reflected "solid execution on all fronts", Mr Meyer said.

"Our agriculture segment continues to benefit from the strong agriculture market due to an overall successful harvest in our region and a tight global supply of grain."

Profitable spares

The extent of the increase was also fostered by growing sales of higher margin products such as parts, for which sales soared more than one-half to $64.5m.

While still accounting for only a small proportion of sales, parts and services operations accounted for more than one-half of group profits in the quarter.

Titan shares closed up 1.5% at $23.23 in New York.