Titan International, Inc.(Delaware) - TWI STOCK NEWS

Titan International (NYSE: TWI) has signed an exclusivity agreement with Kubota Tractor Corporation for its new Trac Loader II tires designed for compact and utility tractors. This marks Titan's inaugural OEM branded tire product and strengthens their ongoing partnership, previously seen with the Goodyear R14T crossover tires. The Trac Loader II promises robust performance, showcasing enhanced stability and durability, which was validated through extensive testing by Kubota. Both companies anticipate that this collaboration will deliver significant value for customers in various applications.

Titan International (NYSE: TWI) Chairman Morry Taylor highlighted strong growth prospects in U.S. agriculture and construction for 2022. With corn priced at $6, soybeans at $14, and favorable market conditions, farmers are poised to expand planting significantly. He anticipates robust demand for agricultural equipment, supported by nearly full order books. Additionally, the infrastructure bill is expected to boost construction activities. A new contract at TWI's tire facilities aims to enhance production efficiency. Strong fourth-quarter earnings are expected, showcasing a successful 2021 and promising outlook for 2022.

Titan International, Inc. (NYSE: TWI) announced that approximately 800 employees represented by the United Steelworkers voted to ratify new three-year contracts in Bryan, OH, Freeport, IL, and Des Moines, IA. CEO Paul Reitz expressed confidence that these contracts will foster growth and help retain top talent. The new agreements include incentive plans offering financial rewards for improved plant performance. This decision reflects Titan's commitment to employee dedication despite recent challenges.

Titan International, Inc. (NYSE: TWI) Chairman Morry Taylor discussed recent market developments, including Yokohama's proposed $2 billion acquisition of Trelleborg's wheel business, which had 2021 sales of approximately $1.4 billion. Titan anticipates over $2 billion in global sales for 2022, benefiting from strong positions in U.S. and Brazilian markets. Taylor highlighted Titan's manufacturing capacity and leadership in innovative Ag tire designs, suggesting that TWI's share price could exceed $24 based on valuation metrics. He also noted the growing need for domestic supply chains in light of global challenges.

Titan International, Inc. (NYSE: TWI) expressed condolences for the passing of Fred Taylor, a significant figure in the company's history, who contributed to key relationships within the industry. His brother, Morry Taylor, highlighted Fred's exceptional sales abilities. The statement reflects the company's respect and recognition of Fred's impact on both Titan and the broader industry.

Titan International, based in West Chicago, Illinois, is a global manufacturer of off-highway wheels, tires, assemblies, and undercarriage products aimed at OEMs and aftermarket customers in various sectors.

Titan International, Inc. (TWI) announced positive developments during a recent earnings call. Despite a strike at major customer John Deere, TWI managed to sustain supply and even increase sales to other clients, leading to expectations of over $130 million in adjusted EBITDA for 2021. The company notes its share price is undervalued compared to expected earnings growth in 2022. Titan also emphasized its leading position in manufacturing wheels and tires for agriculture and construction, hinting at potential acquisitions and a recovery in the U.S. supply chain.

Titan International (NYSE: TWI) reported its third-quarter results for 2021, achieving record revenue of $450.4 million, up 47.8% from $304.8 million in Q3 2020. Adjusted EBITDA reached $35.1 million, comparing favorably to $14.2 million last year. The Agriculture segment saw a remarkable 59.7% sales increase, driven by strong commodity prices. Gross profit also surged to $60.3 million, reflecting improved efficiencies and higher sales volumes. Despite a dip in cash reserves to $94.6 million, Titan aims for over $130 million in adjusted EBITDA for the full year, positioning itself well for future growth.

Titan International, Inc. (NYSE: TWI) announced the successful amendment and extension of its domestic credit facility, increasing it from $100 million to $125 million. The facility's term was extended to October 28, 2026, enhancing financial flexibility. The amendment allows for an additional $50 million expansion through an accordion provision. CFO David Martin expressed that this extension supports anticipated growth into 2022 and beyond. The terms of the updated credit facility remain substantially similar to those prior to the amendment.

Titan International, Inc. (NYSE: TWI) will announce its third quarter 2021 financial results on November 4, 2021. A teleconference will follow at 9:00 a.m. Eastern Time, accessible via a live webcast. Participants may dial into the teleconference using specific access numbers for the U.S. and international locations. This event provides an opportunity for real-time Q&A with company representatives. After the live event, a replay will be available on the company's website.