Titan International reports Q1 adjusted EPS 53c vs. last year

Reports Q1 revenue $549M vs. $556.0M last year. Paul Reitz, CEO, stated, "…Titan’s balance sheet is in a strong position due to our diligent, focused efforts that have resulted in improved cash flow, significantly reduced net debt levels and net working capital under 20% of net sales…Titan’s impressive overall performance for the past couple of years has driven good financial results and built a strong foundation for future growth, yet our stock is trading at approximately 3.5 times trailing twelve months adjusted EBITDA…I am pleased to report strong Q1 results, driven by positive demand in our core end markets and our ongoing commitment to serve our customers at a high level with our market leading products. The solid financial performance and bottom-line expansion we achieved is a testament to our focus on strategic actions that we have taken in the past few years to transform the Company’s profitability profile…Turning to the bigger picture in the markets we serve, the fundamentals within large Ag overall remain in a good position with runway to support future growth at Titan as large Ag is a key segment of our business. High farmer income supported by solid prices for corn and wheat combined with lower input costs, as well as high replacement needs for an aging large equipment fleet, are all expected to support continued healthy demand for our products over the mid to long-term time horizon. The earthmoving/construction markets are expected to continue in a positive manner this year, given low equipment inventory levels throughout the global construction industry and solid non-residential activity. Additionally, mineral commodity prices are at relatively high levels, which also supports growth".