Following a particularly difficult quarter where revenues rose only 1%, Titan Machinery, the Fargo, N.D.-based retailer of farm and construction equipment lowered its outlook for annual revenue, net income and earnings per share. With equipment inventories up 12% year-over-year, the company said it plans to reduce product backlogs by $90 million in the final quarter of the year, and by $250 million during fiscal year 2015.

While overall equipment sales declined 3.2% for the period…