Full-service agriculture and construction equipment retailer, Titan Machinery, has raised its outlook for the year after acquiring Australia’s largest Case IH dealership network, J.J. O’Connor & Sons, for $63 million in cash.
Outlook Raised:
Titan Machinery has announced an increase in its full-year earnings per share forecast following its recent acquisition of J.J. O’Connor & Sons. The company now expects earnings per share to be in the range of $4.60 to $5.25, compared to its previous forecast of up to $5.10.
Expanding into Australia:
With the purchase of Australia’s largest Case IH dealership network, Titan Machinery is making its entry into the Australian agriculture market. This acquisition will enable the company to grow its reach both domestically and abroad.
New Reporting Segment:
Upon completion of the deal, Titan Machinery plans to introduce a fourth reporting segment to its financial results, which will reflect the addition of the Australian business. This expansion will further strengthen the company’s position in the industry.
In conclusion, Titan Machinery is capitalizing on opportunities for growth and expansion through strategic acquisitions like J.J. O’Connor & Sons. By entering the Australian agriculture market, the company is positioning itself for success both at home and overseas.
