Titan Q1 revenue $482M, adj. EPS $0.29; Q2 guidance $525-575M; Carlstar integration on track

TITAN INTERNATIONAL INC

2024-Q1 EPS reported $0.14 revenue$482,209,000

Q1 net sales $482.2M down 12% YoY; gross profit $77.4M (16.0%); adjusted gross margin 16.7% (excl. $3.4M inventory step-up).
Adjusted EPS $0.29; adjusted EBITDA $50M; net debt $370M; $15M remaining under $50M share buyback authorization.
Ag segment sales $239.7M (-21.6%); Earthmoving/Construction $165.2M (-16.9%); Consumer $77.3M (+76.3%) from Carlstar.
Q2 guidance: revenue $525-575M, adj. EBITDA $45-55M, FCF $30-40M, capex $15-20M. No full-year guidance due to macro uncertainty.
Carlstar acquisition closed Feb 29, contributed ~1 month; expected synergies $5-6M in 2024, $25-30M long-term.

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 the first quarter ended March 31, 2024 results: revenue $482.2 million, EPS $0.29. Guidance initiated.

Period: the first quarter ended March 31, 2024
Revenue: $482.2 million
EPS: $0.29
Guidance: initiated
Result: reported results

Exact text from the filing

Our balance sheet strength and cash flow prospects set us up to create value over the long-term.” Results of Operations Net sales for the three months ended March 31, 2024 were $482.2 million, compared to $548.6 million in the comparable period of 2023. Net

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Source: SEC EDGAR

accession 0000899751-24-000058

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