Titan International(TWI) - 2025 Q3 - Quarterly Results

Financial Performance - Q3 2025 net sales were $466.5 million, a 4% increase from $448.0 million in Q3 2024, driven by pricing adjustments and foreign currency translation [4]. - Gross profit for Q3 2025 was $70.9 million, representing a gross margin of 15.2%, up from $58.8 million and 13.1% in Q3 2024 [5]. - Adjusted EBITDA for Q3 2025 increased to $30 million, compared to $20.5 million in the same period last year [16]. - Agricultural segment net sales rose by 7.6% to $188.7 million, with gross profit increasing by 50.9% to $25.2 million [10]. - Earthmoving/construction segment net sales grew by 6.6% to $145.4 million, with gross profit up 30.1% to $15.2 million [12]. - Consumer segment net sales decreased by 2.8% to $132.4 million, but gross profit remained stable at $30.5 million [14]. - Net sales for Q3 2025 were $466.5 million, a 4% increase from $448.0 million in Q3 2024 [27]. - Gross profit for Q3 2025 was $70.9 million, up 20.5% from $58.8 million in Q3 2024 [27]. - The net loss attributable to Titan for the three months ended September 30, 2025, was $(2,262,000), compared to $(18,249,000) for the same period in 2024 [38]. - Adjusted net income attributable to Titan for the nine months ended September 30, 2025, was $1,784,000, compared to $12,254,000 in 2024 [38]. Cash Flow and Debt - Free cash flow for Q3 2025 was $30 million, contributing to a reduction in net debt [3]. - The company expects Q4 2025 sales to be between $385 million and $410 million, with Adjusted EBITDA around $10 million [3]. - Total cash and cash equivalents at the end of Q3 2025 were $205.4 million, compared to $196.0 million at the end of 2024 [18]. - Net debt at September 30, 2025, was $372.9 million, slightly up from $369.5 million at the end of 2024 [18]. - Operating cash flow for the nine months ended September 30, 2025, was $17.2 million, down from $132.8 million in the same period of 2024 [31]. - Total liabilities increased to $1.18 billion as of September 30, 2025, from $1.09 billion at the end of 2024 [29]. - Interest expense for the nine months ended September 30, 2025, was $28.9 million, compared to $27.1 million for the same period in 2024 [27]. - Free cash flow for the three months ended September 30, 2025, was $29,889,000, down from $41,786,000 in 2024 [41]. - Total debt as of September 30, 2025, was $578,325,000, an increase from $565,445,000 as of December 31, 2024 [41]. Assets and Liabilities - Total assets as of September 30, 2025, were $1.75 billion, an increase from $1.58 billion at the end of 2024 [29]. - Cash and cash equivalents at the end of Q3 2025 were $205.4 million, compared to $195.9 million at the end of 2024 [29]. - Net debt as of September 30, 2025, was $372,944,000, compared to $369,471,000 as of December 31, 2024 [41]. Research and Development - Research and development expenses increased to $4.6 million in Q3 2025 from $4.2 million in Q3 2024, reflecting a focus on innovation [27]. Foreign Exchange and Other Losses - The company reported a foreign exchange loss of $6.4 million for the nine months ended September 30, 2025, compared to a loss of $2.3 million in the same period of 2024 [27]. Regional Performance - The company experienced a 21.9% increase in net sales in Latin America for the three months ended September 30, 2025, compared to the same period in 2024 [40].