CHICAGO, Sept. 8, 2022 /PRNewswire/ -- Titan International, Inc. (NYSE: TWI) ("Titan" or "TWI") today released the following comments 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 talking with bankers and other sources, the comments came back- 'that the markets are just flat out wild'! Inflation, threats of recessions, shortage of food and energy make for crazy times. That may all well be true, but let's not forget that TWI is a market leader in 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 will be in good shape, but it will not be a record for American farmers this year. The major equipment manufacturers are running behind and they are sold out for 2022, and 2023 will be great. If farmers can't get new equipment, then they certainly will be buying new tires for their old equipment, which bodes well 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 doing away with gas/cars, you can see why some of us older people are worried about who is teaching this stuff. I have been asked about the electric tractors, combines, etc., keep in mind during the harvest the equipment runs 24/7, so I believe nuclear power will come before batteries and electrified equipment.
"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 release contains forward-looking statements. These forward-looking 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," "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. These risk factors include, but are not limited to the effect of the COVID-19 pandemic on our operations and financial performance; the effect of a recession on the Company and its customers and suppliers; changes in the Company's end-user markets into which the Company sells its products as a result of domestic and world economic or regulatory influences or otherwise; changes in the marketplace, including new products and pricing changes by the Company's competitors; availability and price of raw materials; and levels of operating efficiencies. Additional risks and other factors that could cause actual results or events to differ materially from those contemplated in this release are detailed in the Company's reports on Forms 10-K and 10-Q filed with the Securities and Exchange Commission, especially 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, except as required by law.
About Titan: Titan International, Inc. (NYSE: TWI) is a leading global manufacturer of off-highway wheels, tires, assemblies, and undercarriage products. Headquartered in West Chicago, 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. For more information, visit www.titan-intl.com.
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SOURCE Titan International, Inc.