Financial Performance - Titan International reported net sales of $448.0 million for Q3 2024, up from $401.8 million in Q3 2023, driven by higher volumes in the consumer segment and contributions from the Carlstar acquisition[6]. - Adjusted EBITDA for Q3 2024 was $20 million, a decrease from $40.5 million in the same period last year, reflecting challenging market conditions[19]. - Adjusted net income applicable to common shareholders for Q3 2024 was a loss of $13.9 million, or $(0.19) per share, compared to an income of $18.4 million, or $0.29 per share in Q3 2023[20]. - The company reported a net loss of $18.199 million for Q3 2024, compared to a net income of $19.663 million in Q3 2023[32]. - Basic and diluted loss per share for Q3 2024 was $(0.25), compared to earnings of $0.31 per share in Q3 2023[32]. - Adjusted net loss attributable to Titan for the three months ended September 30, 2024, was $(13,892) thousand, compared to a profit of $18,404 thousand for the same period in 2023[43]. - EBITDA for the nine months ended September 30, 2024, was $99,805 thousand, down from $166,738 thousand in the same period of 2023, indicating a decline of 40.0%[46]. - Adjusted EBITDA for the nine months ended September 30, 2024, was $118,958 thousand, down from $167,145 thousand in the same period of 2023, reflecting a decrease of 28.8%[46]. Cash Flow and Debt Management - Free cash flow for Q3 2024 was strong at $42 million, allowing the company to reduce net debt to $291 million from $326 million[5]. - Total cash and cash equivalents at the end of Q3 2024 were $227.3 million, up from $220.3 million at the end of 2023; long-term debt increased to $503.4 million from $409.2 million[21]. - Net cash provided by operating activities for the first nine months of 2024 was $132.8 million, down from $140.1 million in the same period of 2023, reflecting a decrease of $7.4 million[22]. - Total liabilities rose to $1,088,670, reflecting a 32% increase from $821,830 at the end of 2023[34]. - Total debt as of September 30, 2024, was $518,454 thousand, an increase from $426,091 thousand as of December 31, 2023[48]. - Net debt as of September 30, 2024, was $291,161 thousand, an increase from $205,840 thousand as of December 31, 2023[48]. Segment Performance - The agricultural segment saw net sales decline by 17.6% to $175.4 million in Q3 2024, primarily due to reduced global demand for agricultural equipment[12]. - Gross profit margin for the agricultural segment fell to 9.5% in Q3 2024 from 17.4% in Q3 2023, attributed to lower sales volume and adverse price/mix effects[12]. - The earthmoving/construction segment reported a 12.1% decrease in net sales to $136.3 million for Q3 2024, impacted by softer demand in North America and Europe[14]. - Consumer segment net sales surged by 303.4% to $136.2 million in Q3 2024, largely due to higher sales volumes following the Carlstar acquisition[17]. - The United States market saw a revenue increase of 44.6% for the three months ended September 30, 2024, reaching $250,567 thousand compared to $173,300 thousand in the same period of 2023[47]. Investment and Development - Capital expenditures for the first nine months of 2024 were $52.3 million, compared to $41.5 million in the same period of 2023, indicating an increase in investment for equipment and new product development[23]. - Research and development expenses for Q3 2024 were $4.199 million, up from $3.167 million in Q3 2023, indicating a focus on innovation[32]. - Titan is focusing on expanding its Low-Side Wall (LSW) technology to a broader range of agricultural equipment, targeting an additional market of approximately 25,000 new tractors annually[2]. - The integration of Carlstar is progressing well, with ongoing efforts to drive growth through product development and cross-selling opportunities[4]. Future Outlook - The company plans to achieve Q4 2024 sales between $375 million and $425 million, with adjusted EBITDA expected to be breakeven to $10 million[5]. - The company will host a teleconference on October 31, 2024, to discuss the third quarter financial results[24].

Financial Performance - Net sales for Q3 2024 were $448.0 million, an increase of 11.5% compared to $401.8 million in Q3 2023, driven by higher volumes in the consumer segment and the contribution from the Carlstar acquisition[122]. - Gross profit for Q3 2024 decreased to $58.8 million, down 11.0% from $66.1 million in Q3 2023, resulting in a gross profit margin of 13.1%, compared to 16.4% in the prior year[121]. - Income from operations for Q3 2024 was $2.8 million, a decrease of 89.6% from $27.0 million in Q3 2023[121]. - Net sales for the nine months ended September 30, 2024, were $1,462.4 million, a 2.2% increase from $1,431.6 million in the same period of 2023, primarily due to increased sales volumes from the Carlstar acquisition[125]. - Gross profit for the nine months ended September 30, 2024, was $216.6 million, or 14.8% of net sales, down from $247.5 million, or 17.3% of net sales in the prior year, attributed to reduced fixed cost leverage and higher material costs[127]. - Income from operations for the nine months ended September 30, 2024, was $50.2 million, a significant decrease from $128.0 million in the same period of 2023, primarily due to lower gross profit[133]. - Net loss for the three months ended September 30, 2024, was $18.2 million, compared to net income of $19.7 million in the same period of 2023, resulting in basic and diluted loss per share of $(0.25)[146]. Expenses - Selling, general, and administrative expenses rose by 47.5% to $49.5 million in Q3 2024, compared to $33.6 million in Q3 2023[121]. - Selling, general and administrative expenses (SG&A) for the nine months ended September 30, 2024, were $140.5 million, or 9.6% of net sales, compared to $102.9 million, or 7.2% of net sales in the same period of 2023, driven by ongoing SG&A from Carlstar operations[129]. - Research and development expenses increased by 32.6% to $4.2 million in Q3 2024, up from $3.2 million in Q3 2023[121]. - Research and development (R&D) expenses for the nine months ended September 30, 2024, were $12.1 million, or 0.8% of net sales, up from $9.4 million, or 0.7% of net sales in the prior year, reflecting initiatives to improve product designs[131]. Market Conditions - The agricultural market is experiencing a slowdown in customer demand, but underlying conditions are expected to support mid- to long-term demand for the company's products[118]. - The earthmoving/construction segment is currently facing a slowdown in OEM demand, but stabilization is expected over the mid to long term due to high mineral commodity prices and forecasted GDP growth[119]. - The consumer market is experiencing a significant slowdown, particularly in the Americas, influenced by inflation, consumer spending, and macroeconomic factors[120]. - The company anticipates continued demand for its products in the mid- to long-term due to factors such as population growth and the replacement of aging equipment[118]. Acquisition and Integration - The company acquired 100% of Carlstar on February 29, 2024, with acquisition-related costs totaling $6.2 million for the nine months ended September 30, 2024[105]. - The acquisition of Carlstar on February 29, 2024, contributed approximately 28.8% and 21.6% to total net sales for the three and nine months ended September 30, 2024, respectively[192]. - Carlstar's total assets represented approximately 12.9% of the Company's total assets as of September 30, 2024[192]. - The Company is currently integrating Carlstar into its internal control over financial reporting process, excluding it from the assessment for up to one year post-acquisition[193]. Cash Flow and Liquidity - Cash flows from operating activities for the first nine months of 2024 were $132.8 million, down $7.4 million compared to the same period in 2023[173]. - The cash conversion cycle increased by 10 days from 100 days in September 2023 to 110 days in September 2024, primarily due to the Carlstar acquisition[175]. - The company reported a net cash outflow of $189.0 million from investing activities in the first nine months of 2024, compared to a $39.7 million outflow in the same period of 2023, largely due to the Carlstar acquisition costing $143.6 million[176]. - Financing activities provided $73.1 million in cash during the first nine months of 2024, driven by $159.6 million in proceeds from borrowings[177]. - The Company expects sufficient liquidity for working capital needs, debt maturities, and capital expenditures through cash flows from operations and global credit facilities[188]. Debt and Capital Expenditures - Long-term debt increased from $396.3 million at the end of 2023 to $493.9 million as of September 30, 2024[182]. - The company incurred $52.3 million in capital expenditures in the first nine months of 2024, up from $41.5 million in the same period of 2023[176]. - Full year capital expenditures are expected to be approximately $65 million to $70 million, primarily for enhancing existing facilities and new product development[186]. - Forecasted cash payments for interest for the remainder of 2024 are between $16 million and $18 million, including a semi-annual payment of $14 million for 7.00% senior secured notes[187]. Tax and Other Income - The effective income tax rate for the nine months ended September 30, 2024, was 114.4%, significantly impacted by nondeductible interest expense and transaction costs associated with the Carlstar acquisition[144]. - Other income for the nine months ended September 30, 2024, was $4.1 million, an increase from $2.4 million in the same period of 2023, driven by a $1.9 million gain from a property insurance settlement[140]. Segment Performance - The agricultural segment reported net sales of $631.4 million for the nine months ended September 30, 2024, a decrease of 19.9% from $788.0 million in 2023[154]. - The earthmoving/construction segment net sales were $467.1 million for the nine months ended September 30, 2024, down 11.6% from $528.7 million in the same period of 2023[160]. - Consumer segment net sales increased significantly to $363.8 million for the nine months ended September 30, 2024, up 216.4% from $115.0 million in 2023[167]. - The gross profit margin for the agricultural segment decreased to 14.2% for the nine months ended September 30, 2024, compared to 17.1% in the same period of 2023[156]. - Income from operations in the agricultural segment fell to $41.7 million for the nine months ended September 30, 2024, down 51.6% from $86.1 million in 2023[156]. - The earthmoving/construction segment reported a loss from operations of $1.9 million for the three months ended September 30, 2024, compared to income of $8.5 million in the same period of 2023[159]. - The consumer segment's profit margin decreased from 20.8% in the nine months ended September 30, 2023, to 19.5% in the same period of 2024, influenced by inventory revaluation step-up associated with the acquisition[168]. Risk and Controls - The Company remains exposed to market risks, including foreign currency exchange rates and commodity price fluctuations, with no material changes since December 31, 2023[190]. - There were no material changes in the Company's Critical Accounting Estimates since the last filing[189]. - No changes in internal control over financial reporting occurred during the third quarter of fiscal year 2024 that materially affected the Company's internal controls[194].

Core Insights - Titan International, Inc. reported strong financial results for Q3 2024, with free cash flow of $42 million and adjusted EBITDA of $20 million, reflecting the company's resilience amid challenging industry conditions [1][3][4] - The company anticipates improving market conditions in 2025 due to recent interest rate decreases and expected clarity on trade policy [1][2] Financial Performance - Net sales for Q3 2024 were $448 million, up from $401.8 million in Q3 2023, driven by higher volumes in the consumer segment and contributions from the Carlstar acquisition [4][9] - Gross profit for Q3 2024 was $58.8 million, representing 13.1% of net sales, down from $66.1 million or 16.4% in Q3 2023, attributed to negative price/mix effects and increased material costs [5][6] - Selling, general and administrative expenses (SG&A) increased to $49.5 million, or 11.1% of net sales, compared to $33.6 million, or 8.4% of net sales in the prior year [6] - Income from operations decreased to $2.8 million in Q3 2024 from $27 million in Q3 2023, primarily due to lower gross profit [7] Segment Performance - Agricultural segment net sales were $175.4 million in Q3 2024, down 17.6% from $213 million in Q3 2023, driven by reduced global demand and unfavorable currency translation [9][11] - Earthmoving/construction segment net sales decreased by 12.1% to $136.3 million, attributed to softer demand in North America and Europe [12][13] - Consumer segment net sales surged by 303.4% to $136.2 million, largely due to higher sales volumes following the Carlstar acquisition [14][15] Cash Flow and Debt Management - The company generated $132.8 million in net cash from operating activities for the first nine months of 2024, a decrease from $140.1 million in the same period of 2023 [19] - Net debt was reduced to $291 million as of September 30, 2024, down from $326 million as of June 30, 2024, reflecting effective working capital management [3][4] Future Outlook - For Q4 2024, Titan expects sales between $375 million and $425 million, with adjusted EBITDA projected to be breakeven to $10 million [3][4] - The company is focused on product development and expanding its market reach, particularly through the integration of the Carlstar acquisition [2][4]

Core Viewpoint - Titan International, Inc. has successfully repurchased 8.0 million shares of common stock from MHR Fund Management for $57.6 million, representing 11% of outstanding shares at a price of $7.20 per share, indicating confidence in the company's long-term prospects [1][2] Financial Position - Titan's balance sheet is reported to be healthy, with approximately $225 million in cash and a net debt to EBITDA ratio of 1.9 times based on trailing twelve months financial results [1] - The share repurchase was funded through a combination of the company's revolving credit facility and available cash, with no impact on existing share repurchase authorization [1] Market Position and Growth Potential - Titan is recognized as a leading global manufacturer of off-highway wheels and tires, with a unique range and manufacturing capacity that sets it apart in the agricultural sector [2] - The introduction of super-sized Titan LSW single wheels and tires has shown to increase crop yields by around 5% and provide fuel savings of up to 1/3 gallon per acre compared to dual standard tire setups, leading to increased demand from farmers [2] - The U.S. Army is exploring the use of Titan's LSW design for new trucks, with potential production levels of 100,000 units over ten years, presenting a significant opportunity for the company [2]

Core Insights - Titan International Inc. and Carlstar Group launched Variable Pressure Operation (VPO™) Technology, a flat-proof alternative to traditional wheels, at the Equip Exposition [1][2] - VPO Technology allows machinery to operate at various inflation pressures, including zero psi, enhancing performance and reducing downtime [3] Product Features - VPO Technology offers shock-absorbing properties that minimize whole-body vibration, improving operator comfort and reducing fatigue [3] - The flat-proof design significantly increases durability compared to traditional tires, allowing for operation without the risk of flats [3] - A closed sidewall design prevents debris accumulation, eliminating sidewall damage and balance issues [3] - Tires with VPO Technology can run for hundreds of miles at 30 mph with zero pressure, showcasing exceptional reliability [3] Application and Performance - VPO Technology is adaptable for various applications, allowing operation with or without large attachments using the same set of tires [3] - The new Invictus tread pattern, when combined with VPO Technology, provides balanced traction, self-cleaning capabilities, better wet traction, and improved heat dissipation [4] Company Overview - Titan International, Inc. is a leading global manufacturer of off-highway wheels, tires, assemblies, and undercarriage products, serving agricultural, construction, and consumer markets [5]

CHICAGO, Oct. 9, 2024 /PRNewswire/ -- Titan International, Inc. will release its third quarter 2024 financial results after the close of the market on Wednesday, October 30, 2024 to be followed by a teleconference and webcast on Thursday, October 31, 2024 at 9:00 a.m. Eastern Time. The real-time, listen-only webcast can be accessed using the following link https://events.q4inc.com/attendee/566818353 on our website at www.titan-intl.com within the "Investor Relations" page under the "News & Events" menu (htt ...

101cats/E+ via Getty Images I have been working on a new turnaround formula in my quant research, and one name scoring exceptionally well is Titan International, Inc. (NYSE:TWI). According to its website, Titan International, is a leading global manufacturer and supplier of wheels, tires, and undercarriage products for a wide variety of off-the-road equipment within the Agricultural, Earthmoving, Mining, Construction and Consumer sectors. We support a strong network of aftermarket dealers and blue-chip OEM ...

Titan International, Inc. (NYSE:TWI) Q2 2024 Earnings Call August 1, 2024 9:00 AM ET Company Participants Alan Snyder - Vice President, Financial Planning and Investor Relations Paul Reitz - President and Chief Executive Officer David Martin - Senior Vice President and Chief Financial Officer Conference Call Participants Steve Ferazani - Sidoti Tom Kerr - Zacks Small-Cap Research Kirk Ludtke - Imperial Capital Operator Good morning, ladies and gentlemen and welcome to the Titan International, Inc. Second Qu ...

FOR IMMEDIATE RELEASE Wednesday, July 31, 2024 Titan International, Inc. Reports Second Quarter Financial Performance Delivers Strong Results Despite Challenging Industry Conditions, with Free Cash Flow of $53 million; Adjusted EBITDA of $49 Million; and Adjusted EPS of $0.10 Solid Balance Sheet Combined with Operational Diversity From Carlstar Acquisition Expected to Continue Yielding Positive Results WEST CHICAGO, ILLINOIS, July 31, 2024 - Titan International, Inc. (NYSE: TWI) ("Titan" or the "Company"), ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☑ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the Quarterly Period Ended: June 30, 2024 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Commission file number 1-12936 TITAN INTERNATIONAL, INC. (Exact name of registrant as specified in its charter) Delaware (State or other jurisdiction of incorporation or organization) 1525 Kautz Road, ...