Titan International reported a decrease in net sales to $401.8 million compared to $530.7 million in the same quarter of the previous year, primarily due to reduced sales volume from customer inventory adjustments and lower demand in some sectors. Despite the sales decrease, the company maintained a solid financial position, generating $37 million in free cash flow and increasing its cash position to $212 million while also repurchasing shares.
Delivered EPS of $0.31 and adjusted EPS of $0.29.
Generated $37 million of free cash flow.
Maintained full year 2023 outlook.
Repurchased just over one million additional shares during the quarter, at an average cost of $12.31.
The Company is maintaining its previously communicated outlook for FY 2023:
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