Titan Intl Stock Price, News & Analysis

Titan International (NYSE: TWI) reported its third-quarter results for 2021, achieving record revenue of $450.4 million, up 47.8% from $304.8 million in Q3 2020. Adjusted EBITDA reached $35.1 million, comparing favorably to $14.2 million last year. The Agriculture segment saw a remarkable 59.7% sales increase, driven by strong commodity prices. Gross profit also surged to $60.3 million, reflecting improved efficiencies and higher sales volumes. Despite a dip in cash reserves to $94.6 million, Titan aims for over $130 million in adjusted EBITDA for the full year, positioning itself well for future growth.

Titan International, Inc. (NYSE: TWI) announced the successful amendment and extension of its domestic credit facility, increasing it from $100 million to $125 million. The facility's term was extended to October 28, 2026, enhancing financial flexibility. The amendment allows for an additional $50 million expansion through an accordion provision. CFO David Martin expressed that this extension supports anticipated growth into 2022 and beyond. The terms of the updated credit facility remain substantially similar to those prior to the amendment.

Titan International, Inc. (NYSE: TWI) will announce its third quarter 2021 financial results on November 4, 2021. A teleconference will follow at 9:00 a.m. Eastern Time, accessible via a live webcast. Participants may dial into the teleconference using specific access numbers for the U.S. and international locations. This event provides an opportunity for real-time Q&A with company representatives. After the live event, a replay will be available on the company's website.

Titan International, Inc. (NYSE: TWI) reported a robust second quarter for 2021, achieving net sales of $438.6 million, up 53.3% YoY, driven by strong demand in agricultural and earthmoving segments. Adjusted EBITDA reached over $37 million, marking a substantial growth of more than $11 million from Q1. Despite supply chain challenges, Titan experienced significant sales growth and improved gross profit margins, resulting in an adjusted net income of $14 million. The company also refinanced $400 million in bonds, extending maturity to 2028, reinforcing financial stability.

Titan International, Inc. will release its second quarter 2021 financial results on July 29, 2021. A teleconference and webcast will follow at 9:00 a.m. Eastern Time. The webcast is accessible on Titan’s website under the 'Investor Relations' section. For participation, U.S. callers should dial (888) 347-5307, while Canadian callers can use (855) 669-9657, and international callers should dial (412) 902-4283. A replay of the webcast will be available soon after the live event.

Titan International, Inc. (NYSE: TWI) has been added to the Russell 3000 Index effective June 28, 2021, a move expected to enhance its visibility within the investment community. This inclusion highlights the company's progress over the past year and signifies automatic membership in either the Russell 1000 or Russell 2000 Index. The Russell indexes are utilized by institutional investors for benchmarking, with approximately $10.6 trillion in assets linked to them. This inclusion is anticipated to support Titan's growth and investor awareness.

Titan International (NYSE: TWI) held its 2021 Annual Stockholders' Meeting on June 10, 2021. Chairman Morry Taylor expressed disappointment over proxy advisor recommendations to withhold votes from all board members but the newest member, Laura Thompson. Despite significant foreign competition, Titan remains the largest manufacturer of farm and OTR wheels and tires in North America. The company reported a robust market outlook supported by high corn and soybean prices, anticipating continued growth. All directors were reelected, and all other proposals were approved with majority support.

Titan International, Inc. (NYSE: TWI) has successfully completed the redemption of its $400 million 6.50% Senior Secured Notes due 2023, at a total cost of $413 million, including $11.3 million in accrued interest. The redemption was executed at a price of $1,032.50 per $1,000 principal amount without early termination penalties. However, the company will recognize approximately $15.9 million in expenses in Q2 2021 related to the redemption premium and unamortized fees.

This financial maneuver reflects Titan's ongoing strategy to manage its debt effectively.

Titan International (NYSE: TWI) reported strong Q1 2021 results, with net sales of $403.5 million, an 18.2% increase from Q1 2020. Net income was $13.6 million or $0.22 per share, up significantly from a loss of $25.5 million the previous year. The company cited strong demand in agricultural and earthmoving sectors, with volume increases of over 15% and 19%, respectively. Gross margin improved to 13.2%, a 450 basis point increase year-over-year. The outlook remains cautiously optimistic amid supply chain challenges and higher input costs.