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UPDATE 1-Titan Machinery to cut jobs, revenue drops 10 pct

(Adds details, forecast, estimates)

April 10 (Reuters) - Heavy equipment retailer Titan Machinery Inc said it would cut about 12 percent jobs in its construction unit and the company posted a 10 percent drop in quarterly revenue.

The planned job cuts represent about 4.5 percent of the company's total workforce. Titan had 2,447 full-time and 336 part-time employees as of April 2013.

Titan will close seven construction machinery stores and consolidate one farm equipment store into an existing dealership, the company said on Thursday.

The company will take a pretax charge of $4.2 million, or 12 cents per share, in the current quarter due to the job cuts and store closures.

Titan also estimated revenue of $1.95 billion to $2.15 billion for the year ending Jan. 31, 2015.

Analysts on average were expecting $2.21 billion, according to Thomson Reuters I/B/E/S.

The company's revenue fell to $708.6 million in the fourth quarter ended Jan. 31 from $784.5 million, a year earlier. Analysts had expected revenue of $725.1 million.

Net loss attributable to shareholders was $387,000, or 2 cents per share, compared with a profit of $15.4 million, or 73 cents per share, a year earlier.

Excluding items, Titan earned 35 cents per share, above the average analyst estimate of 20 cents per share.

(Reporting by Ankit Ajmera and Abinaya Vijayaraghavan in Bangalore; Editing by Savio D'Souza and Kirti Pandey)

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