Titan International reports Q4 adjusted EPS 34c, consensus 28c

Reports Q4 revenue $390.2M, consensus $413.57M. “One of our primary long-term objectives has been to structure Titan to deliver consistent, strong, bottom-line results, while serving our customers throughout various market cycles. Recall that 2022 was an excellent year for top-line sales as agricultural equipment dealers ramped up inventory in order to ensure they could satisfy expected farmer demand. While Titan certainly enjoyed that environment, as we moved into 2023 it also became clear that the aggressive inventory build in 2022 resulted in reduced demand in 2023 as OEMs worked down excess inventory. Despite this dynamic and its impact on our sales, we were able to report full year gross margins that were up slightly from 2022. We were also able to report record Free Cash Flow of $119 million, thanks to a firm focus on margins, along with working capital management. Our ability to deliver quality bottom-line and cash flow results in the face of a robust destocking headwind is a significant achievement and I want to thank our entire One Titan team for their hard work in making that happen,” stated Paul Reitz, president and CEO.