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Mar 31, 2024
Titan Q1 2024 Earnings Report
Titan International reported solid profitability with adjusted EBITDA of $50 Million and Adjusted EPS of $0.29.
Key Takeaways
Titan International, Inc. reported a decrease in net sales to $482.2 million compared to $548.6 million in the same period last year, primarily due to lower sales volume in the agricultural and earthmoving/construction segments. Despite challenging market conditions, the company focused on operating efficiency, achieving an adjusted gross margin of 16.7%. The integration of Carlstar Group LLC is underway, with expectations of significant synergies and long-term growth.
Net sales for Q1 2024 were $482.2 million, down from $548.6 million in Q1 2023.
Adjusted EBITDA was $49.7 million, compared to $67.6 million in the prior year period.
Adjusted net income was $19.0 million, or $0.29 per share, compared to $33.6 million, or $0.53 per share, in Q1 2023.
The company is integrating Carlstar Group LLC and expects synergies of $5 to $6 million this year and $25 to $30 million over the longer term.
Revenue by Segment
Revenue by Geographic Location
Forward Guidance
The Company is introducing financial guidance for Q2 2024. Revenues are expected to range between $525 million to $575 million. Adjusted EBITDA of $45 million to $55 million. Free cash flow to range between $30 to $40 million. Capital expenditures to range between $15 to $20 million.
Positive Outlook
- Revenues are expected to range between $525 million to $575 million
- SG&A plus royalty and R&D expense at approximately 11.0% of sales
- Adjusted EBITDA of $45 million to $55 million
- Free cash flow to range between $30 to $40 million
- Capital expenditures to range between $15 to $20 million
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
Analyze how earnings announcements historically affect stock price performance
Avg. Return Before/After Earnings
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