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Tractor retailer Titan Machinery cut its sales forecast, citing falling crop prices and farm incomes.

Titan’s forecast for 2017 anticipates same-store sales in the U.S. ag market falling 17 to 22 percent from 2016. Earlier expectations called for a 13 to 18 percent drop. International sales are forecast to drop by 7 to 12 percent; the previous forecast was for sales to remain flat.

David Meyer, Titan’s chairman and chief executive, was upbeat on profit prospects because of the retailer’s ongoing inventory reduction.

Source: Agrimoney