Titan Q2 2023 EPS $0.48; revenue down 16% to $481M; provides FY2023 outlook

TITAN INTERNATIONAL INC

2023-Q2 EPS reported $0.98 revenue$1,029,820,000

Net income $32M, EPS $0.48, adjusted EPS $0.43; adjusted EBITDA $59M.
Revenue $481M, down 16% YoY from $572.9M on customer inventory destocking.
Agricultural segment sales -15.5% to $269M; EMC -17% to $175M; Consumer -15% to $37.3M.
Full-year 2023 outlook: revenue $1.85-1.9B, adj. EBITDA $200-210M, FCF $110-120M.
Cash $196M; net debt/EBITDA 1.0x; repurchased $6.4M of stock under $50M program.

item 2.02 item 9.01

Key facts

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Earnings Releases SEC 8-K Item 2.02 confidence 0.9

TITAN INTERNATIONAL INC reported second quarter ended June 30, 2023 results: revenue $481 million, net income $32 million, EPS $0.48. Guidance initiated.

Period: second quarter ended June 30, 2023
Revenue: $481 million
Net income: $32 million
EPS: $0.48
Guidance: initiated
Result: reported results

Exact text from the filing

quarter ended June 30, 2023. Second Quarter 2023 Highlights • Net income of $32 million, EPS of $0.48 and adjusted EPS of $0.43 • Adjusted EBITDA of $59 million • Net sales of $481 million • Further strengthened balance sheet with an increase in total cash to $196 million, $49 million of free cash flow generation and net debt/trailing twelve-month EBITDA leverage

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accession 0000899751-23-000066

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