CHICAGO, Sept. 8, 2022 /PRNewswire/ — Titan International, Inc. ( NYSE: TWI) (“Titan” or “TWI”) at present launched the next feedback from its Chairman of the Board, Morry Taylor.
“On August 2, 2022 TWI’s President and CEO, Paul Reitz released TWI’s second quarter earnings. The second quarter was one of Titan’s best ever and the forecast going forward was outstanding. The results were so great that the Board of Directors expected that TWI stock would rise, instead of the 16% drop that happened. Paul and his team have done an outstanding job and TWI continues to run well, so what more could the TWI team do? The Street analysts have a favorable view on TWI stock with targets going up to $25 per share. In speaking with bankers and different sources, the feedback got here back- ‘that the markets are simply flat out wild’! Inflation, threats of recessions, scarcity of meals and vitality make for loopy instances. That might all properly be true, however let’s not overlook that TWI is a market chief within the business of agriculture.
“Recently, I talked with a large Ag dealer who is waiting for 43 new combines that have been sold. He has on his lot 43 combines that were traded in, and has sold all of those, but he will not release any combines until the new ones arrive. The harvest begins now through October. Illinois farmers are going to have a great year and Iowa farmers can be in good condition, but it surely won’t be a report for American farmers this yr. The main gear producers are working behind and they’re bought out for 2022, and 2023 can be nice. If farmers cannot get new gear, then they definitely can be shopping for new tires for his or her outdated gear, which bodes properly for TWI.
“Titan’s Board believes there are great opportunities in front of the company for further growth and that the best days for TWI are still ahead. As a reminder, look at the many good things the Titan team has accomplished in recent years including growing the business and increasing margins, along with buying back four million shares, refinancing our long-term debt and expectations to generate operating cash flow near $100 million in 2022. You would think the shareholders would be pleased! Well, if you look at California, which is having a blackout and is eliminating fuel/automobiles, you may see why a few of us older individuals are nervous about who’s educating these items. I’ve been requested in regards to the electrical tractors, combines, and many others., bear in mind in the course of the harvest the gear runs 24/7, so I consider nuclear energy will come earlier than batteries and electrified gear.
“TWI started with zero sales and no employees in 1983, that’s 40 years of a strong history. I started in 1973 and have never seen the business like this. No one knows when this is going to slow down, but it’s real hard to see any slowing any time soon. Paul has his Titan team are working hard and delivering great results and I am positive that whatever comes their way, they can handle it. If you have any questions, please feel free to text or call me at 313-506-7833.”
Safe Harbor Statement: This press launch accommodates forward-looking statements. These forward-looking statements are coated by the secure harbor for “forward-looking statements” offered by the Private Securities Litigation Reform Act of 1995. The phrases “believe,” “expect,” “anticipate,” “plan,” “would,” “could,” “potential,” “may,” “will,” and different related expressions are supposed to determine forward-looking statements, that are typically not historic in nature. These forward-looking statements are primarily based on our present expectations and beliefs regarding future developments and their potential impact on us. Although we consider the assumptions upon which these forward-looking statements are primarily based are cheap, these assumptions are topic to important dangers and uncertainties. These danger components embrace, however usually are not restricted to the impact of the COVID-19 pandemic on our operations and monetary efficiency; the impact of a recession on the Company and its prospects and suppliers; adjustments within the Company’s end-user markets into which the Company sells its merchandise because of home and world financial or regulatory influences or in any other case; adjustments within the market, together with new merchandise and pricing adjustments by the Company’s rivals; availability and value of uncooked supplies; and ranges of working efficiencies. Additional dangers and different components that might trigger precise outcomes or occasions to vary materially from these contemplated on this launch are detailed within the Company’s reviews on Forms 10-Ok and 10-Q filed with the Securities and Exchange Commission, particularly the disclosures below “Risk Factors” in these reviews. These forward-looking statements are made solely as of the date hereof. The Company cautions that any forward-looking statements included on this press launch are topic to a lot of dangers and uncertainties, and the Company undertakes no obligation to publicly replace or revise any forward-looking statements, whether or not because of new info, modified circumstances or future occasions, or for every other purpose, besides as required by regulation.
About Titan: Titan International, Inc. ( NYSE: TWI) is a number one world producer of off-highway wheels, tires, assemblies, and undercarriage merchandise. Headquartered in West Chicago, Illinois, the corporate globally produces a broad vary of merchandise to satisfy the specs of authentic gear producers (OEMs) and aftermarket prospects within the agricultural, earthmoving/building, and client markets. For extra info, go to www.titan-intl.com.
SOURCE Titan International, Inc.
