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Titan Machinery (TITN) Buys Scott Supply to Expand Footprint
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Titan Machinery Inc. (TITN - Free Report) announced that it acquired the assets of Scott Supply, Co. This includes one full-line combined Case IH and New Holland Agriculture dealership located in Mitchell, SD. This move will expand Titan Machinery’s footprint in South Dakota.
Founded in 1915, Scott Supply serves Mitchell, SD, and the surrounding area with a talented and experienced team of employees and an excellent commitment to customer service. Scott Supply generated approximately $40 million in revenues in the fiscal year ending Dec 31, 2023.
The transaction was completed on Jan 10, 2024. The transaction's financial details are not yet disclosed.
Titan Machinery's existing foothold in this highly productive region of eastern South Dakota will be enhanced by this acquisition. The company intends to build on Scott Supply's legacy and anticipates a successful future in this growing market.
TITN reported earnings per share (EPS) of $1.32 in third-quarter fiscal 2024 (ended Oct 31, 2023), missing the Zacks Consensus Estimate of $1.51. The bottom line declined 27% from the EPS of $1.82 reported in the year-ago quarter.
Total revenues in the reported quarter were a record $694 million, up 4% from the year-ago quarter. The top line, however, lagged the consensus mark of $723 million.
Share Price Performance
In the past year, shares of Titan Machinery have fallen 35.2% against the industry’s 22.4% growth.
Image Source: Zacks Investment Research
Zacks Rank & Stocks to Consider
Titan Machinery currently carries a Zacks Rank #5 (Strong Sell).
Abercrombie & Fitch has an average trailing four-quarter earnings surprise of 23%. The Zacks Consensus Estimate for ANF’s 2023 earnings is pegged at $6.05 per share. The consensus estimate for 2023 earnings has moved north by 37% in the past 60 days. Its shares gained 265.8% in the last year.
The Zacks Consensus Estimate for Amazon.com's 2023 earnings per share is pegged at $2.69. The consensus estimate for 2023 earnings moved 1% upward in the last 60 days. AMZN has a trailing four-quarter average earnings surprise of 54.9%. Its shares rose 62.9% in the last year.
American Eagle Outfitters has an average trailing four-quarter earnings surprise of 23%. The Zacks Consensus Estimate for AEO’s fiscal 2024 earnings is pegged at $1.37 per share. The consensus estimate for 2023 earnings has moved 4% north in the past 60 days. AEO’s shares gained 36.8% in the last year.
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Titan Machinery (TITN) Buys Scott Supply to Expand Footprint
Titan Machinery Inc. (TITN - Free Report) announced that it acquired the assets of Scott Supply, Co. This includes one full-line combined Case IH and New Holland Agriculture dealership located in Mitchell, SD. This move will expand Titan Machinery’s footprint in South Dakota.
Founded in 1915, Scott Supply serves Mitchell, SD, and the surrounding area with a talented and experienced team of employees and an excellent commitment to customer service. Scott Supply generated approximately $40 million in revenues in the fiscal year ending Dec 31, 2023.
The transaction was completed on Jan 10, 2024. The transaction's financial details are not yet disclosed.
Titan Machinery's existing foothold in this highly productive region of eastern South Dakota will be enhanced by this acquisition. The company intends to build on Scott Supply's legacy and anticipates a successful future in this growing market.
TITN reported earnings per share (EPS) of $1.32 in third-quarter fiscal 2024 (ended Oct 31, 2023), missing the Zacks Consensus Estimate of $1.51. The bottom line declined 27% from the EPS of $1.82 reported in the year-ago quarter.
Total revenues in the reported quarter were a record $694 million, up 4% from the year-ago quarter. The top line, however, lagged the consensus mark of $723 million.
Share Price Performance
In the past year, shares of Titan Machinery have fallen 35.2% against the industry’s 22.4% growth.
Image Source: Zacks Investment Research
Zacks Rank & Stocks to Consider
Titan Machinery currently carries a Zacks Rank #5 (Strong Sell).
Some better-ranked stocks in the Retail - Wholesale sector are Abercrombie & Fitch (ANF - Free Report) , Amazon.com, Inc. (AMZN - Free Report) and American Eagle Outfitters (AEO - Free Report) . ANF flaunts a Zacks Rank #1 (Strong Buy) at present, whereas AMZN and AEO have Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
Abercrombie & Fitch has an average trailing four-quarter earnings surprise of 23%. The Zacks Consensus Estimate for ANF’s 2023 earnings is pegged at $6.05 per share. The consensus estimate for 2023 earnings has moved north by 37% in the past 60 days. Its shares gained 265.8% in the last year.
The Zacks Consensus Estimate for Amazon.com's 2023 earnings per share is pegged at $2.69. The consensus estimate for 2023 earnings moved 1% upward in the last 60 days. AMZN has a trailing four-quarter average earnings surprise of 54.9%. Its shares rose 62.9% in the last year.
American Eagle Outfitters has an average trailing four-quarter earnings surprise of 23%. The Zacks Consensus Estimate for AEO’s fiscal 2024 earnings is pegged at $1.37 per share. The consensus estimate for 2023 earnings has moved 4% north in the past 60 days. AEO’s shares gained 36.8% in the last year.