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

Titan International (NYSE: TWI) announced the redemption of its 6.50% Senior Secured Notes due 2023, contingent upon the closing of a new secured notes offering. The redemption is scheduled for May 7, 2021, at 103.25% of the principal amount, plus interest. The press release emphasizes that this information is not an offer to purchase or solicit any of the notes. Additionally, it includes forward-looking statements regarding market conditions and operational risks that could impact the company's financial performance.

Titan International, Inc. announced the appointment of Laura K. Thompson to its Board of Directors, effective April 1, 2021. Ms. Thompson has over 35 years of experience in global business, particularly with Goodyear, where she served as Executive Vice President and Chief Financial Officer. Her extensive background in finance and tire manufacturing is expected to bring valuable insights to Titan. Morry Taylor, Chairman of the Board, expressed confidence in her contributions as Titan enters a new chapter in its history.

Titan International has launched a new tire line called AgraEDGE, specifically designed for agricultural tractors. The initial rollout includes 17 sizes for MFWD tractors, with plans to expand to 44 sizes throughout 2021. The AgraEDGE features advanced design innovations, improved materials, and enhanced performance characteristics, including reduced soil compaction. Additionally, it comes with an 8-year warranty and a new field hazard protection plan. Titan emphasizes the product's American manufacturing as a key differentiator.

Titan International, Inc. announced its financial outlook for the first quarter of 2021, projecting EBITDA between $23 million and $25 million and net sales of approximately $395 million to $405 million, reflecting a 16% to 19% increase from Q1 2020. The company cites ongoing demand growth, especially in agriculture, and plans to enhance capacity through hiring. Rising raw material costs are noted, but Titan is confident in its ability to adjust pricing to manage these expenses. Future guidance will adapt as market circumstances evolve.

Titan International reported a strong fourth quarter for 2020, with net sales reaching $326.9 million, an 8.3% increase year-over-year. The company achieved its highest adjusted EBITDA of $17.3 million since Q1 2019, driven by improved demand, particularly in the agriculture sector. Despite challenges, net cash at year-end was $117 million, with net debt reduced to $347 million. However, a net loss of $60.4 million for the year indicates ongoing financial struggles. Looking forward, the company anticipates continued momentum in 2021.

Titan International, Inc. (NYSE: TWI) announced the amendment and extension of its $125 million revolving credit facility, reducing the amount to $100 million to align with current financial conditions. The facility, now maturing on February 16, 2023, includes an option for an additional $50 million. This move aims to enhance liquidity and support anticipated business growth. CFO David Martin stated that the extension allows for better alignment with future capital structure needs.

Titan International, Inc. will release its fourth quarter 2020 financial results on March 4. Following the announcement, a teleconference and webcast will occur at 9:00 a.m. Eastern Time. Interested participants can access the live event via the company's website, ensuring to log in at least 15 minutes prior for audio setup. There will also be a replay available shortly after the live event. Titan International is a global manufacturer specializing in off-highway wheels, tires, and related products for various markets, including agriculture and construction.

Titan International (NYSE: TWI) completed the sale of its Brownsville, Texas facility to an affiliate of Phoenix Investors. This one-million-square-foot facility, originally built for tire manufacturing, has not produced tires since 2003. The sale is part of Titan's strategy to divest non-core assets, contributing to an anticipated $16 - $20 million in total asset sales by Q4 2020. CEO Paul Reitz stated this move strengthens the company's balance sheet and positions it for growth as demand for their products increases into 2021.

Titan International, a global manufacturer, reported third-quarter 2020 net sales of $304.8 million, down 11.9% from $345.9 million in 2019. A net loss applicable to common shareholders was $12.6 million (loss of $0.21 per share), improving from $19.6 million (loss of $0.33 per share) the previous year. Sales for the first nine months declined 18.7% to $932.4 million. Despite challenges from COVID-19, the company increased cash by $18 million and reduced net debt to $366 million. Adjusted EBITDA is projected between $40 million and $44 million.