NYSE$TWI
Titan International Inc · Q3 2022 earnings
Q3 2022 earnings · · Investor relations
Briefing
Titan International reported record third quarter financial performance with adjusted EBITDA of $61 million, a YoY $26 million increase and EPS of $0.68/share, a YoY growth of $0.50/share.
Titan International, Inc. reported a strong third quarter with net sales of $530.7 million, an increase of 17.8% compared to the same quarter last year. The company's adjusted EBITDA was $61.2 million, compared to $35.1 million in the prior year period. Free cash flow was $40 million for the quarter, and the company reduced its debt by $35 million.
- Net sales were $531 million, an 18% year-over-year increase, the strongest Q3 sales level in TWI history.
- Gross margin was 16.5% versus 13.4% a year ago.
- Free cash flow was $40 million in Q3.
- Reported EPS of $0.68/share, a YoY growth of $0.50/share
Headline financials
Revenue & EPS history
Titan · Revenue · Quarterly
$531M
Revenue by segment
Titan · $531M total across 3 segments · Q3 2022
- Agricultural$289M+18.4%54.5%
- Earthmoving/Construction$200M+18.7%37.7%
- Consumer$41.5M+10.5%7.8%
Forward guidance
The company expects to finish the year at the top end of its previously communicated targets for sales, adjusted EBITDA, and free cash flow.
Tailwinds
- Farmers are in a good financial position.
- Corn and soybean supply-demand will support good pricing into 2024, at a minimum.
- Pent-up demand from supply chain and labor disruptions at OEMs.
- Continuing low levels of available used equipment.
- Large Ag remains in a solid position, and we expect the sector to work through current supply chain challenges with a bright future ahead.
Headwinds
- The business climate is swimming with noise these days.
- Small Ag equipment inventory levels are starting to normalize to pre-Covid levels
- Used small Ag prices remain well above those levels.
- Inventory levels are still below historical norms.
- There is need to keep current production levels in order to normalize business conditions.
Historical earnings impact
How earnings announcements have historically affected this stock's price.
Avg. return before/after earnings
Based on 19 quarterly earnings reports · overlaid with Q3 2022
-1.7%
Avg return
Earnings day
-1.3%
Avg return
5 days after
+2.7%
Avg return
30 days after
42%
27 / 65 earnings
Positive
+22.9%
Q2 2016
Best reaction
-34.2%
Q3 2015
Worst reaction
| Quarter | Report date | Reaction (Day 0) | +5 days | +30 days |
|---|---|---|---|---|
| Q1 2026 | -1.7% | -7.4% | — | |
| Q4 2025 | -5.8% | -12.7% | -35.3% | |
| Q3 2025 | -4.1% | -1.6% | +1.6% | |
| Q1 2025 | -13.6% | -6.9% | -1.5% | |
| Q4 2024 | -9.3% | -13.4% | -1.7% | |
| Q3 2024 | -11.4% | -11.3% | +0.7% | |
| Q2 2024 | -0.5% | -9.8% | -2.1% | |
| Q1 2024 | -5.2% | -17.6% | -25.0% | |
| Q4 2023 | -10.9% | -11.0% | -11.9% | |
| Q3 2023 | +3.1% | +10.0% | +18.8% | |
| Q2 2023 | -11.2% | -5.5% | -0.2% | |
| Q1 2023 | -1.1% | +3.8% | +7.6% | |
| Q4 2022 | -17.5% | -11.0% | -30.6% | |
| Q3 2022 | +1.2% | +0.3% | -5.5% | |
| Q2 2022 | -15.5% | -12.0% | -16.3% | |
| Q1 2022 | +16.5% | +12.5% | +29.8% | |
| Q4 2021 | +6.8% | +0.5% | +32.5% | |
| Q3 2021 | +10.3% | +10.2% | -6.8% | |
| Q2 2021 | +11.1% | +6.1% | +8.6% | |
| Q1 2021 | +1.6% | -5.6% | -13.9% | |
| Q4 2020 | -2.1% | -9.1% | +4.6% | |
| Q3 2020 | +15.3% | +73.6% | +105.6% | |
| Q2 2020 | +9.4% | +25.8% | +69.8% | |
| Q1 2020 | +6.3% | +3.6% | +67.6% | |
| Q4 2019 | -12.4% | -28.9% | -33.0% | |
| Q3 2019 | -4.2% | +15.3% | +1.7% | |
| Q2 2019 | -20.6% | -23.3% | -31.2% | |
| Q1 2019 | -16.1% | -18.6% | -38.1% | |
| Q4 2018 | -28.3% | -24.5% | +6.3% | |
| Q3 2018 | -3.5% | -0.9% | -15.7% | |
| Q2 2018 | -30.5% | -27.7% | -26.1% | |
| Q1 2018 | +16.1% | +10.6% | +9.9% | |
| Q4 2017 | +17.2% | +7.6% | +5.5% | |
| Q3 2017 | +14.5% | +15.4% | +22.7% | |
| Q2 2017 | -10.3% | -19.5% | -31.8% | |
| Q1 2017 | +10.8% | +2.8% | +7.9% | |
| Q4 2016 | -11.3% | -15.0% | -26.9% | |
| Q3 2016 | +5.2% | +10.6% | +19.3% | |
| Q2 2016 | +22.9% | +32.9% | +34.5% | |
| Q1 2016 | +0.6% | — | — | |
| Q4 2015 | +21.0% | — | — | |
| Q3 2015 | -34.2% | — | — | |
| Q2 2015 | +5.2% | — | — | |
| Q1 2015 | +15.7% | — | — | |
| Q4 2014 | +6.2% | — | — | |
| Q3 2014 | +3.8% | — | — | |
| Q2 2014 | -8.5% | — | — | |
| Q1 2014 | -7.5% | — | — | |
| Q4 2013 | -0.8% | — | — | |
| Q3 2013 | +2.0% | — | — | |
| Q2 2013 | -5.6% | — | — | |
| Q1 2013 | +7.6% | — | — | |
| Q4 2012 | -18.0% | — | — | |
| Q3 2012 | +13.0% | — | — | |
| Q2 2012 | -5.2% | — | — | |
| Q1 2011 | +13.4% | — | — | |
| Q1 2012 | +2.7% | — | — | |
| Q1 2010 | -5.8% | — | — | |
| Q4 2009 | -5.8% | — | — | |
| Q4 2011 | -5.8% | — | — | |
| Q3 2010 | -4.0% | — | — | |
| Q3 2011 | -4.0% | — | — | |
| Q2 2011 | -6.0% | — | — | |
| Q2 2010 | -6.0% | — | — | |
| Q4 2010 | -6.0% | — | — |
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