Titan Intl Q4 sales fall 23% YoY to $390M; posts record FCF $119M in FY23; acquires Carlstar Group at ~4x EBITDA

TITAN INTERNATIONAL INC

2023-FY EPS reported $1.25 revenue$1,821,800,000

Q4 net sales of $390.2M, down 23.5% YoY from $509.8M; gross margin stable at 14.9%.
FY 2023 free cash flow of $119M, a record; full-year gross margin up slightly to 16.8% from 16.5%.
Acquired Carlstar Group LLC at ~4x 2023 adjusted EBITDA; deal structured with cash and stock, adding consumer and power sports exposure.
No financial guidance provided for 2024 due to integration of Carlstar; management expects to provide later in the year.
Each segment saw sales declines: Agricultural -29.9%, Earthmoving/Construction -18.7%, Consumer -1.6% in Q4.

item 2.02 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Earnings Releases SEC 8-K Item 2.02 confidence 0.95

TITAN INTERNATIONAL INC reported financial results for year ended December 31, 2023.

Period: year ended December 31, 2023
Result: reported results

Exact text from the filing

Titan International, Inc. (NYSE: TWI) (“Titan” or the “Company”), a leading global manufacturer of off-highway wheels, tires, assemblies, and undercarriage products, today reported results for the fourth quarter and year ended December 31, 2023.

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Earnings Releases SEC 8-K Item 2.02 confidence 0.95

TITAN INTERNATIONAL INC reported fourth quarter ended December 31, 2023 results: revenue $390.2 million.

Period: fourth quarter ended December 31, 2023
Revenue: $390.2 million
Result: reported results

Exact text from the filing

Net sales for the fourth quarter ended December 31, 2023, were $390.2 million, compared to $509.8 million in the comparable quarter of 2022.

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Source: SEC EDGAR

accession 0000899751-24-000013

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