By Sabela Ojea
Shares of Titan Machinery climbed 4.9% to $30.50 in after-hours trading after the company raised its outlook for the year.
The owner and operator of a network of over 90 full-service agriculture and construction equipment stores said Wednesday it now guides for full-year earnings per share of $4.60 to $5.25 a share. Three months ago, the company had forecast earnings per share of up to $5.10 for the year.
The company’s outlook comes following the acquisition of J.J. O’Connor & Sons for $63 million in cash.
“This transaction marks our entry into the Australian agriculture market, as we continue to seek opportunities for Titan to expand its reach, both domestically and abroad,” the company said.
Write to Sabela Ojea at [email protected]
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