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Mar 31, 2021
Titan Q1 2021 Earnings Report
Net sales increased by 18 percent year-over-year, driven by growth in the agricultural and earthmoving/construction segments.
Key Takeaways
Titan International reported a strong first quarter in 2021, with net sales up 18% year-over-year to $403.5 million. The company's net income attributable to Titan was $13.6 million, or $0.22 per share, compared to a loss of $25.5 million in the same period last year. Adjusted EBITDA was $26.3 million, a $17 million improvement year-over-year.
Net sales reached $403.5 million, an 18.2% year-over-year increase.
Gross margin improved to 13.2%, up from 8.0% in Q1 of the prior year.
Net income attributable to Titan was $13.6 million, with EPS at $0.22.
Adjusted EBITDA increased to $26.3 million, compared to $9.3 million in Q1 of the prior year.
Forward Guidance
Due to market volatility, the company is holding back on providing specific guidance for the remainder of the year, but expects continuing improvements in cash flow as we progress through the second half of the year.
Positive Outlook
- Higher crop prices
- Low inventory levels for new and used equipment
- Strong farmer income
- Age of existing equipment
- Market trends experienced in Q1 will continue, and in some cases even improve throughout 2021 into 2022
Challenges Ahead
- Many companies around the world are facing supply chain and logistics shortages
- Rising costs of raw materials
- Rising costs of labor
- Rising costs of logistics
- Volatility in the second quarter
Historical Earnings Impact
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Avg. Return Before/After Earnings
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