Titan Press Release

Titan International, Inc. Reports Second Quarter 2017 Net Sales of $364.4 Million, Up 10 Percent YOY

QUINCY, Ill.Aug. 3, 2017 /PRNewswire/ --

Second Quarter Highlights

 

  • Net sales increased 10% year-over-year
  • SG&A expenses were reduced by $1.9 million, or 5%
  • Operating income improved by $1.4 million, or 53% year-over-year
  • EPS of $(0.17) was negatively impacted by currency exchange loss of $5.3 million ($0.08 per share)
  • Cash, cash equivalents, and certificates of deposit ended the second quarter at $153.2 million

 

Titan International, Inc. (NYSE: TWI), a leading global manufacturer of off-highway wheels, tires, assemblies, and undercarriage products, today reported results for the second quarter ended June 30, 2017.

Net sales for the second quarter of 2017 were $364.4 million, an increase of 10 percent when compared to $330.2 million in the second quarter of 2016. Net loss applicable to common shareholders for the second quarter of 2017 was $10.3 million, versus $5.2 million in the second quarter of 2016. 

Net sales for the first six months of 2017 were $721.9 million, an increase of 11 percent when compared to $652.0 million in the first six months of 2016. Net loss applicable to common shareholders for the first six months of 2017 was $20.8 million, versus $23.1 million for the first six months of 2016. 

Paul Reitz, President and Chief Executive Officer, commented, "Our second quarter results mark the second consecutive quarter of significant year-over-year growth in net sales.  Our top line growth of over 10 percent included an 18 percent improvement within our Agriculture (AG) segment.  Following a protracted downturn of more than four years, these results continue to demonstrate early signs of a recovery and provide optimism moving into 2018.  AG continues to be sluggish at the OEMs, but our moves in the North America aftermarket have benefited Titan thus far in 2017.  Along with the AG gains this quarter, we continue to see market conditions improve in aftermarket mining and construction which fits well with our strategy that was launched almost two years ago to position ourselves to capture more of this business.

"The current quarter saw sequential gross margin improvement, up from 11.1 percent in the first quarter to 12.0 percent in the second.  This improvement was in spite of significant raw material pricing headwinds that negatively impacted gross profit by approximately $11 million during the second quarter.  Although we believe that raw material pricing has now stabilized, our OEM contracts in North America did not allow us to fully pass through these higher costs during the quarter. Because of these headwinds, we did not reach the gross margin level we experienced this quarter last year; however, with the increased pricing that has now taken place with the OEMs and the raw material price stabilization, we do not anticipate further negative impacts from raw material prices in the second half of this year.

"During the quarter, we had a number of positive events that planted seeds for a strong future.  First, Titan finalized agreements with the United Steelworkers Union (USW) which represents our three North American tire plants.  These new five year contracts provide added profit incentives for our union workforce while providing Titan with more economic flexibility.  This will benefit all stakeholders and allow Titan to maintain our position as a leader in the North American tire market.

"We are excited that New Holland recently began offering our Low Sidewall Technology® (LSW®) tractor setup with LSW1000/40R32 fronts and super single LSW1100/45R46 rears.  Last year, a study was conducted by Mark Stallings, a farmer and owner of the Delta New Holland dealership, which compared standard duals to LSWs.  As we previously announced, the study demonstrated that LSWs deliver higher yields.  Because of this successful study and the efforts of Mr. Stallings, we are now able to offer that same LSW tractor setup to all New Holland customers.

"We recently had a couple of good wins at ITM, our undercarriage business.  We obtained 100% of the global forestry business with a major, global OEM. Also, we were named the preferred supplier on D10 and D11 tracks with another major, global mining operator."

James Froisland, Chief Financial Officer and Chief Information Officer commented, "We have previously stated that selling, general and administrative (SG&A) expenses and 'Profit Leaks' were going to be areas of focus.  We are pleased to see that our efforts are paying off as SG&A costs during the quarter went down nearly $2 million on a year-over-year basis while our net sales increased.  We still have work to do and our plan is to not only reduce variable SG&A, but also take a hard look at our fixed SG&A costs.

"We reported a foreign exchange loss of $5.3 million during the quarter primarily reflecting the translation of intercompany loans at certain foreign subsidiaries.  Since such loans are expected to be settled in cash at some point in the future, these loans are adjusted each reporting period to reflect the current exchange rates. The primary portion of this loss was unrealized and therefore did not impact cash."

Paul Reitz commented further, "As we've worked our way through the downturn over the past few years, the Titan team has consistently deployed a balanced, disciplined approach focused on the needed short-term actions to balance costs with net sales, while also looking to the future with our investment decisions.  We see future opportunities to utilize our tire manufacturing and technical expertise to expand into other related products that don't require significant, additional investment."

Summary of Operations

Net sales for the second quarter ended June 30, 2017, were $364.4 million, up 10 percent from $330.2 million in the comparable prior year period.  Overall sales volume was up 7 percent driven by higher volumes in both the agriculture and earthmoving/construction segments, partially offset by lower volume in the consumer segment.  Favorable changes in price/mix contributed a 2 percent increase to sales and currency translation increased sales by another 1 percent.

Net sales for the six months ended June 30, 2017, were $721.9 million, up 11 percent from $652.0 million in the comparable prior year period.  Overall sales volume was up 6 percent driven by higher volumes in both the agriculture and earthmoving/construction segments, partially offset by lower volume in the consumer segment.  Favorable currency translation increased sales by 3 percent and a favorable change in price/mix contributed another 2 percent increase to sales.

Gross profit for the second quarter ended June 30, 2017, was $43.6 million, flat compared with $43.7 million in the comparable prior year period.  Gross margin was 12.0 percent of net sales for the latest quarter, compared with 13.2 percent in the comparable prior year period.  Increases in raw material costs across all markets and geographies negatively impacted gross margins during the second quarter of 2017 due to the timing of passing along increased costs to our end customers.

Gross profit for the six months ended June 30, 2017, was $83.3 million, up 16 percent from $72.0 million in the comparable prior year period.  Gross margin was 11.5 percent of net sales for the first six months of 2017, compared with 11.0 percent in the comparable prior year period.  The increase in gross profit percentage was primarily related to our Business Improvement Framework initiatives that focus on lowering costs and increasing efficiencies.  These efforts more than offset the significant increases in raw material costs we experienced in both the first and second quarters of 2017.

SG&A expenses for the second quarter of 2017 were $34.5 million, 5 percent lower than the $36.3 million in the comparable prior year period. As a percentage of net sales, SG&A was 9.5 percent, compared to 11.0 percent for the comparable prior year period.  The decrease in SG&A expenses was in line with management's efforts to reduce costs.

SG&A expenses for the first six months of 2017 were $75.8 million, 6 percent higher than the $71.4 million in the comparable prior year period. As a percentage of net sales, SG&A was 10.5 percent, compared to 10.9 percent for the prior year period. The increase in SG&A expenses was primarily due to the costs associated with the anti-dumping and countervailing duties litigation, marketing investments in LSW development, and non-recurring legal and professional fees in the first quarter of 2017.

For the second quarter of 2017, research and development (R&D) expenses were $2.6 million, or 0.7 percent of net sales, and royalty expense was $2.5 million, or 0.7 percent of net sales, which both remained flat as a percentage of net sales compared to the prior year period.

For the first six months of 2017, R&D expenses were $5.5 million, or 0.8 percent of net sales, and royalty expense was $5.1 million, or 0.7 percent of net sales, which both remained flat as a percentage of net sales compared to the prior year period.

Income from operations for the second quarter of 2017 was $4.0 million, or 1.1 percent of net sales, compared to income of $2.6 million, or 0.8 percent of net sales, for the second quarter of 2016, an improvement of 53 percent. 

Loss from operations for the first six months of 2017 was $3.1 million, or 0.4 percent of net sales, compared to a loss of $8.9 million, or 1.4 percent of net sales, for the first six months of 2016, an improvement of 65 percent. 

For the second quarter of 2017, interest expense was $7.3 million versus $8.0 million in the comparable prior year period.  Foreign exchange loss was $5.3 million in the second quarter of 2017 versus a gain of $2.2 million in the comparable period in 2016.  The primary portion of this current quarter loss was unrealized and therefore did not impact cash.  Other income was $2.2 million in the second quarter of 2017 versus $3.0 million in the same quarter of 2016.

For the first six months of 2017, interest expense was $15.0 million versus $16.5 million in the prior year period.  Foreign exchange loss was $0.8 million in the first six months of 2017 versus a gain of $7.0 million in the same period in 2016.  Other income was $5.4 million in the first six months of 2017 versus $7.0 million in the same period in 2016.

The provision for income taxes was $0.1 million for the second quarter of 2017, compared to $3.6 million in the comparable prior year period.  As a result, the second quarter net loss applicable to common shareholders was $10.3 million, equal to $(0.17) per basic and diluted share, compared to a loss of $5.2 million, equal to $(0.10) per basic and diluted share, in the prior year period. 

The provision for income taxes was $3.6 million for the first six months of 2017, compared to $4.7 million in the prior year period.  As a result, the first six months net loss applicable to common shareholders was $20.8 million, equal to $(0.35) per basic and diluted share, compared to a loss of $23.1 million, equal to $(0.43) per basic and diluted share, in the prior year period. 

EBITDA was $15.9 million for the second quarter of 2017 versus $23.2 million in the prior year period, a 31 percent decrease.  EBITDA was $31.0 million for the first six months of 2017 versus $35.6 million in the comparable prior year period, a 13 percent decrease.  Adjusted EBITDA was $21.2 million for the second quarter of 2017 versus $21.0 million in the comparable prior year period.  Adjusted EBITDA was $31.7 million for the first six months of 2017 versus $28.6 million in the comparable prior year period, an 11 percent increase. The company utilizes EBITDA as a means to measure its operating performance.  A reconciliation of net loss to EBITDA, a non-GAAP measure, can be found at the end of this release. 

Financial Condition

Net cash used for operations for the six months ended June 30, 2017, was $30.6 million, compared to net cash provided by operations of $29.7 million for the prior year period.  Capital expenditures were $15.2 million for the first six months of 2017 versus $18.1 million for the prior year period.

Principal and dividend payments of $29.6 million were paid during the first six months of 2017.  The company ended the first six months of 2017 with total cash, cash equivalents, and certificates of deposit of $153.2 million. Long-term debt at June 30, 2017, was $408.8 million, unchanged from December 31, 2016. Short-term debt was $42.6 millionat June 30, 2017, versus $97.4 million at December 31, 2016.  Net debt (total debt less cash, cash equivalents, and certificates of deposit) was $298.1 million at June 30, 2017, versus $308.3 million at December 31, 2016.

Teleconference and Webcast

Titan will be hosting a teleconference and webcast to discuss the second quarter financial results on Thursday, August 3, 2017, at 9 a.m. Eastern Time

The real-time, listen-only webcast can be accessed on our website at www.titan-intl.com within the "Investor Relations" page under the "Webcasts & Events" section (http://titan-intl.investorroom.com/webcasts).  Listeners should access the website at least 15 minutes prior to the live event to download and install any necessary audio software.

In order to participate in the real-time teleconference with the ability to ask questions, participants in the U.S. should dial (888) 347-5307, participants in Canada should dial (855) 669-9657, and other international callers should dial (412) 902-4283.

A webcast replay of the teleconference will be available on our website (http://titan-intl.investorroom.com/webcasts) soon after the live event. There is no charge to access the webcast replay. The transcript from the teleconference will be made available on our website (http://titan-intl.investorroom.com/webcasts) following the live event.

Safe Harbor Statement

This press release contains forward-looking statements, which statements are covered by the "Safe Harbor for Forward-Looking Statements" provided by the Private Securities Litigation Reform Act of 1995.  The words "believe," "expect," "anticipate," "plan," "would," "could," "outlook," "potential," "may," "will," and other similar expressions are intended to identify forward-looking statements, which are generally not historical in nature.  These forward-looking statements are based on our current expectations and beliefs concerning future developments and their potential effect on us.  Although we believe the assumptions upon which these forward-looking statements are based are reasonable, these assumptions are subject to significant risks and uncertainties, and are subject to change based on various factors, some of which are beyond Titan International, Inc.'s control. As a result, any of these assumptions could prove to be inaccurate and the forward-looking statements based on these assumptions could be incorrect.  The matters discussed in these forward-looking statements are subject to risks, uncertainties, and other factors that could cause actual results and trends to differ materially from those made, projected, or implied in or by the forward-looking statements depending on a variety of uncertainties or other factors including, but not limited to, risks detailed in Titan International, Inc.'s periodic reports filed with the Securities and Exchange Commission, including the disclosures under "Risk Factors" in those reports.  These forward-looking statements are made only as of the date hereof. The company cautions that any forward-looking statements included in this press release are subject to a number of risks and uncertainties, and the company undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, changed circumstances or future events, or for any other reason.

About Titan

Titan International, Inc. (NYSE: TWI) is a leading global manufacturer of off-highway wheels, tires, assemblies, and undercarriage products.  Headquartered in Quincy, Illinois, the company globally produces a broad range of products to meet the specifications of original equipment manufacturers (OEMs) and aftermarket customers in the agricultural, earthmoving/construction, and consumer markets.

 

Titan International, Inc.

Condensed Consolidated Statements of Operations(Unaudited)

Amounts in thousands, except per share data

 



 

Three months ended

 


 

Six months ended

 


 

June 30,

 


 

June 30,

 


 

2017

 


 

2016

 


 

2017

 


 

2016

 









 

Net sales

 

 

$

 

 

364,399

 



 

$

 

 

330,214

 



 

$

 

 

721,900

 



 

$

 

 

652,008

 


 

Cost of sales

 

 

320,837

 



 

286,496

 



 

638,609

 



 

579,993

 


 

Gross profit

 

 

43,562

 



 

43,718

 



 

83,291

 



 

72,015

 


 

Selling, general and administrative expenses

 

 

34,463

 



 

36,302

 



 

75,801

 



 

71,364

 


 

Research and development expenses

 

 

2,608

 



 

2,714

 



 

5,451

 



 

5,193

 


 

Royalty expense

 

 

2,533

 



 

2,109

 



 

5,142

 



 

4,403

 


 

Income (loss) from operations

 

 

3,958

 



 

2,593

 



 

(3,103)

 



 

(8,945)

 


 

Interest expense

 

 

(7,320)

 



 

(7,982)

 



 

(15,041)

 



 

(16,494)

 


 

Foreign exchange gain (loss)

 

 

(5,257)

 



 

2,182

 



 

(767)

 



 

7,005

 


 

Other income

 

 

2,208

 



 

3,049

 



 

5,357

 



 

6,954

 


 

Loss before income taxes

 

 

(6,411)

 



 

(158)

 



 

(13,554)

 



 

(11,480)

 


 

Provision for income taxes

 

 

126

 



 

3,648

 



 

3,568

 



 

4,652

 


 

Net loss

 

 

(6,537)

 



 

(3,806)

 



 

(17,122)

 



 

(16,132)

 


 

Net income (loss) attributable to noncontrolling interests

 

 

(244)

 



 

(550)

 



 

624

 



 

(133)

 


 

Net loss attributable to Titan

 

 

(6,293)

 



 

(3,256)

 



 

(17,746)

 



 

(15,999)

 


 

Redemption value adjustment

 

 

(4,040)

 



 

(1,900)

 



 

(3,099)

 



 

(7,108)

 


 

Net loss applicable to common shareholders

 

 

$

 

 

(10,333)

 



 

$

 

 

(5,156)

 



 

$

 

 

(20,845)

 



 

$

 

 

(23,107)

 


















 

Earnings per common share:

 








 

Basic

 

 

$

 

 

(.17)

 



 

$

 

 

(.10)

 



 

$

 

 

(.35)

 



 

$

 

 

(.43)

 


 

Diluted

 

 

$

 

 

(.17)

 



 

$

 

 

(.10)

 



 

$

 

 

(.35)

 



 

$

 

 

(.43)

 


 

Average common shares and equivalents outstanding:

 








 

Basic

 

 

59,557

 



 

53,884

 



 

59,067

 



 

53,869

 


 

Diluted

 

 

59,557

 



 

53,884

 



 

59,067

 



 

53,869

 










 

Dividends declared per common share:

 

 

$

 

 

.005

 



 

$

 

 

.005

 



 

$

 

 

.010

 



 

$

 

 

.010

 


 

 

 

Segment Information(Unaudited)

 



 

Three months ended

 


 

Six months ended

 


 

June 30,

 


 

June 30,

 


 

2017

 


 

2016

 


 

2017

 


 

2016

 

 

Net sales

 








 

Agricultural

 

 

$

 

 

172,923

 



 

$

 

 

146,715

 



 

$

 

 

353,439

 



 

$

 

 

299,540

 


 

Earthmoving/construction

 

 

150,970

 



 

141,028

 



 

286,589

 



 

272,733

 


 

Consumer

 

 

40,506

 



 

42,471

 



 

81,872

 



 

79,735

 



 

$

 

 

364,399

 



 

$

 

 

330,214

 



 

$

 

 

721,900

 



 

$

 

 

652,008

 


 

 

 

Titan International, Inc.

Condensed Consolidated Balance Sheets

Amounts in thousands

 



 

June 30,

2017

 


 

December 31,

2016

 




 

(unaudited)

 



 

Assets

 




 

Current assets

 




 

Cash and cash equivalents

 

 

$

 

 

143,236

 



 

$

 

 

147,827

 


 

Certificates of deposit

 

 

10,000

 



 

50,000

 


 

Accounts receivable, net

 

 

219,924

 



 

179,384

 


 

Inventories

 

 

323,491

 



 

272,236

 


 

Prepaid and other current assets

 

 

78,413

 



 

79,734

 


 

Total current assets

 

 

775,064

 



 

729,181

 


 

Property, plant and equipment, net

 

 

435,731

 



 

437,201

 


 

Deferred income taxes

 

 

8,265

 



 

4,663

 


 

Other assets

 

 

92,891

 



 

94,851

 


 

Total assets

 

 

$

 

 

1,311,951

 



 

$

 

 

1,265,896

 






 

Liabilities

 




 

Current liabilities

 




 

Short-term debt

 

 

$

 

 

42,563

 



 

$

 

 

97,412

 


 

Accounts payable

 

 

187,077

 



 

148,255

 


 

Other current liabilities

 

 

118,024

 



 

120,437

 


 

Total current liabilities

 

 

347,664

 



 

366,104

 


 

Long-term debt

 

 

408,789

 



 

408,760

 


 

Deferred income taxes

 

 

18,248

 



 

13,183

 


 

Other long-term liabilities

 

 

77,826

 



 

80,161

 


 

Total liabilities

 

 

852,527

 



 

868,208

 






 

Redeemable noncontrolling interest

 

 

108,839

 



 

104,809

 






 

Equity

 




 

Titan shareholders' equity

 




 

Common stock ($0.0001 par value, 120,000,000 shares authorized, 60,715,356 issued, 59,657,340 outstanding)

 

 

 



 

 


 

Additional paid-in capital

 

 

535,436

 



 

479,075

 


 

Retained earnings (deficit)

 

 

(1,128)

 



 

17,214

 


 

Treasury stock (at cost, 1,058,016 and 1,083,212 shares, respectively)

 

 

(9,893)

 



 

(10,119)

 


 

Stock reserved for deferred compensation

 

 

(1,075)

 



 

(1,075)

 


 

Accumulated other comprehensive loss

 

 

(168,128)

 



 

(188,278)

 


 

Total Titan shareholders' equity

 

 

355,212

 



 

296,817

 


 

Noncontrolling interests

 

 

(4,627)

 



 

(3,938)

 


 

Total equity

 

 

350,585

 



 

292,879

 


 

Total liabilities and equity

 

 

$

 

 

1,311,951

 



 

$

 

 

1,265,896

 


 

 

 

Titan International, Inc.

Condensed Consolidated Statements of Cash Flows(Unaudited)

All amounts in thousands

 



 

Six months ended

 


 

June 30,

 

 

Cash flows from operating activities:

 

 

2017

 


 

2016

 

 

Net loss

 

 

$

 

 

(17,122)

 



 

$

 

 

(16,132)

 


 

Adjustments to reconcile net loss to net cash

provided by (used for) operating activities:

 




 

Depreciation and amortization

 

 

29,486

 



 

30,615

 


 

Deferred income tax provision

 

 

1,324

 



 

600

 


 

Stock-based compensation

 

 

956

 



 

931

 


 

Issuance of treasury stock under 401(k) plan

 

 

270

 



 

283

 


 

Foreign currency translation loss

 

 

2,467

 



 

6,740

 


 

(Increase) decrease in assets:

 




 

Accounts receivable

 

 

(34,879)

 



 

(9,789)

 


 

Inventories

 

 

(43,722)

 



 

10,206

 


 

Prepaid and other current assets

 

 

2,877

 



 

(7,583)

 


 

Other assets

 

 

3,620

 



 

(1,318)

 


 

Increase (decrease) in liabilities:

 




 

Accounts payable

 

 

33,149

 



 

15,007

 


 

Other current liabilities

 

 

(4,922)

 



 

3,523

 


 

Other liabilities

 

 

(4,057)

 



 

(3,411)

 


 

Net cash provided by (used for) operating activities

 

 

(30,553)

 



 

29,672

 


 

Cash flows from investing activities:

 




 

Capital expenditures

 

 

(15,152)

 



 

(18,050)

 


 

Certificates of deposit

 

 

40,000

 



 

 


 

Other

 

 

1,038

 



 

1,294

 


 

Net cash provided by (used for) investing activities

 

 

25,886

 



 

(16,756)

 


 

Cash flows from financing activities:

 




 

Proceeds from borrowings

 

 

27,742

 



 

1,559

 


 

Payment on debt

 

 

(29,077)

 



 

(10,248)

 


 

Dividends paid

 

 

(570)

 



 

(540)

 


 

Net cash used for financing activities

 

 

(1,905)

 



 

(9,229)

 


 

Effect of exchange rate changes on cash

 

 

1,981

 



 

3,363

 


 

Net increase (decrease) in cash and cash equivalents

 

 

(4,591)

 



 

7,050

 


 

Cash and cash equivalents, beginning of period

 

 

147,827

 



 

200,188

 


 

Cash and cash equivalents, end of period(1)

 

 

$

 

 

143,236

 



 

$

 

 

207,238

 






 

Supplemental information:

 




 

Interest paid

 

 

$

 

 

17,916

 



 

$

 

 

16,510

 


 

Income taxes paid, net of refunds received

 

 

$

 

 

3,221

 



 

$

 

 

3,367

 


 

Noncash investing and financing information:

 




 

Issuance of common stock for convertible debt payment

 

 

$

 

 

58,460

 



 

$

 

 

 







 

(1)Total cash, cash equivalents, and certificates of deposit were $153.2 million as of June 30, 2017.

 

 

Titan International, Inc.

Reconciliation of GAAP to Non-GAAP Financial Measures (Unaudited)

Amounts in thousands

The Company reports its financial results in accordance with generally accepted accounting principles in the United States (GAAP).  This supplemental schedule provides a quantitative reconciliation between EBITDA, a non-GAAP financial measure, and net loss, the most directly comparable financial measure calculated and reported in accordance with GAAP.

We present EBITDA as we believe that it assists investors with analyzing our business results.  In addition, management reviews EBITDA in order to evaluate the financial performance of each of our segments, as well as the Company's performance as a whole.  We believe that the presentation of this non‑GAAP financial measure will permit investors to assess the performance of the Company on the same basis as management.

EBITDA should be considered supplemental to, not a substitute for, the financial measures calculated in accordance with GAAP.  One should not consider this measure in isolation or as a substitute for our results reported under GAAP.  It has limitations in that it does not reflect all of the costs associated with the operations of our businesses as determined in accordance with GAAP.  In addition, EBITDA may be calculated differently than non-GAAP financial measures reported by other companies, limiting its usefulness as a comparative measure.  We attempt to compensate for these limitations by analyzing results on a GAAP basis as well as a non-GAAP basis, prominently disclosing GAAP results and providing reconciliations from GAAP results to non-GAAP results.

The table below provides a reconciliation of net loss to EBITDA, a non-GAAP measure, for each of the three and six month periods ended June 30, 2017 and 2016.


 

Three months ended

 

 

Six months ended

 


 

June 30,

 

 

June 30,

 


 

2017

 


 

2016

 


 

2017

 


 

2016

 









 

Net loss

 

 

$

 

 

(6,537)

 



 

$

 

 

(3,806)

 



 

$

 

 

(17,122)

 



 

$

 

 

(16,132)

 


 

Adjustments:

 








 

Provision for income taxes

 

 

126

 



 

3,648

 



 

3,568

 



 

4,652

 


 

Interest expense

 

 

7,320

 



 

7,982

 



 

15,041

 



 

16,494

 


 

Depreciation and amortization

 

 

15,020

 



 

15,366

 



 

29,486

 



 

30,615

 


 

EBITDA

 

 

$

 

 

15,929

 



 

$

 

 

23,190

 



 

$

 

 

30,973

 



 

$

 

 

35,629

 


 

Adjustments:

 








 

Foreign exchange gain (loss)

 

 

(5,257)

 



 

2,182

 



 

(767)

 



 

7,005

 


 

Adjusted EBITDA

 

 

$

 

 

21,186

 



 

$

 

 

21,008

 



 

$

 

 

31,740

 



 

$

 

 

28,624

 


 

 

 

SOURCE Titan International, Inc.

 

For further information: Todd Shoot, Treasurer & VP, Investor Relations, 217-221-4416