Titan Q3 revenue down 24% to $402M; EPS $0.31, adjusted $0.29

TITAN INTERNATIONAL INC

2023-Q3 EPS reported $1.29 revenue$1,431,601,000

Net sales $401.8M vs $530.7M in Q3 2022; gross margin stable at 16.4%.
Ag segment sales fell 26.4% on OEM destocking; Earthmoving/Construction down 22.4%.
Generated free cash flow $37M; used $4M for debt paydown and repurchased 1M shares at $12.31 avg.
Full year 2023 outlook maintained: revenue $1.85-1.9B, adjusted EBITDA $200-210M.
Cash position $212M; $50M repurchase program with $19M utilized as of quarter-end.

item 2.02 item 9.01

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Earnings Releases SEC 8-K Item 2.02 confidence 0.85

TITAN INTERNATIONAL INC reported the third quarter ended September 30, 2023 results: EPS EPS of $0.31, adjusted EPS of $0.29. Guidance reaffirmed.

Period: the third quarter ended September 30, 2023
EPS: EPS of $0.31, adjusted EPS of $0.29
Guidance: reaffirmed
Result: reported results

Exact text from the filing

Titan International, Inc. Reports Third Quarter Financial Performance

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Source: SEC EDGAR

accession 0000899751-23-000077

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