Titan Q3 sales up 12% to $448M on Carlstar; op income drops to $2.8M; Q4 adj. EBITDA guidance $0-10M

TITAN INTERNATIONAL INC

2024-Q3 EPS reported -$0.10 revenue$1,462,364,000

Net sales $448M vs $401.8M YoY (+12%); Ag segment down 18%, Earthmover down 12%, Consumer up 303% on Carlstar.
Income from operations $2.8M vs $27.0M; adjusted EBITDA $20M; gross margin 13.1% vs 16.4%.
Free cash flow $42M; net debt reduced to $291M from $326M; repurchased 1.05M shares for $8.3M in Q3.
Q4 2024 outlook: sales $375-425M, adj. EBITDA breakeven to $10M, free cash flow near breakeven.
Headcount cut ~15% from 2022 peak; Carlstar integration on track; LSW and new VPO technology highlighted.

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