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Jun 30, 2024
Titan Q2 2024 Earnings Report
Delivered strong results despite challenging industry conditions, with free cash flow of $53 million; Adjusted EBITDA of $49 Million; and Adjusted EPS of $0.10
Key Takeaways
Titan International, Inc. reported solid financial results for the second quarter ended June 30, 2024, with adjusted EBITDA of $49 million and free cash flow of $53 million, despite a cyclical trough in the industry. The company's strategic acquisition of Carlstar in February has bolstered its aftermarket capabilities, helping to offset slowing sales of new equipment.
Achieved adjusted EBITDA of $49 million.
Generated free cash flow of $53 million.
Reduced net debt by $43 million from Q1 2024.
Increased cash position by more than $20 million compared to the first quarter of 2024.
Revenue by Segment
Revenue by Geographic Location
Forward Guidance
The Company is introducing financial guidance for Q3 2024 as follows:
Positive Outlook
- Revenues of $450 million to $500 million
- Adjusted EBITDA of $25 million to $30 million
- Free cash flow of $20 to $30 million
- Integration of Carlstar continues to go well.
- Pursuit of acquisition-related synergies have placed us well along the path to achieve our target bottom-line benefit of $5 million to $6 million this year and $25 million to $30 million long term
Challenges Ahead
- Interest rates continue to weigh on the industries we serve.
- High horsepower agricultural equipment represents a significant purchase for farmers and thus they are highly attuned to the associated financing costs.
- With the possibility of interest rate cuts on the horizon, farmers are choosing to defer major purchases.
- Similarly, interest rates impact the cost of working capital for both OEMs and Aftermarket dealers who are being extremely cautious about the levels of inventory they are carrying in their factories and on their lots.
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
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Avg. Return Before/After Earnings
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