TITAN INTERNATIONAL, INC.'S CHAIRMAN COMMENTS ON STOCK MOVE
Titan International, Inc. (NYSE: TWI) recently addressed concerns regarding its stock performance after a significant decline. Chairman Morry Taylor revealed that the CEO sold 40,000 shares under a pre-established plan, clarifying that such transactions do not indicate company weakness. Despite the dip, Taylor emphasized TWI's strong financial outlook and improved guidance for 2022. The drop in stock was attributed to broader market trends, particularly declining prices in soybean and corn. TWI has approximately 63 million shares outstanding, making the CEO's sale relatively insignificant.
- Strong financial performance and outlook for 2022.
- Improved guidance issued just days prior to the press release.
- Recent stock decline attributed to broader market trends.
- CEO's sale of 40,000 shares could raise concerns among investors.
CHICAGO, June 24, 2022 /PRNewswire/ -- Titan International, Inc. (NYSE: TWI) ("Titan" or "TWI") today released the following comments from its Chairman of the Board, Morry Taylor.
"I got a number of calls yesterday asking what is happening with TWI!! One fellow said he was at Costco to buy something and save
"I called a friend and asked what's going on. He comes back with soybeans and corn are down heavy and TWI CEO sold 40,000 shares. Well, TWI has a program for officers and Board members to sell and buy stock called 10b5-1. This program has been in place at TWI for many years and is where the shareholder establishes the terms many months in advance of the transaction during an open period. The stockbroker then handles everything from there, and you find out after the fact what price it sold at. What you know or don't know reference information about the company or market has no effect on what the broker does that day.
"Remember, whether you get stock options or restricted stock, Uncle Sam wants his cash at the time of the grant. With about 63 million shares outstanding, the CEO selling 40,000 shares does not mean a damn thing. Let's not forget, TWI's financial performance and outlook is strong, and management updated and improved guidance for 2022 just eleven days ago. To those who sold, I hope you made a profit, to new shareholders I believe you'll be rewarded."
Safe Harbor Statement: This press release contains forward-looking statements. These forward-looking statements are covered by the safe harbor for "forward-looking statements" provided by the Private Securities Litigation Reform Act of 1995. The words "believe," "expect," "anticipate," "plan," "would," "could," "potential," "may," "will," and other similar expressions are intended to identify forward-looking statements, which are generally not historical in nature. These forward-looking statements are based on our current expectations and beliefs concerning future developments and their potential effect on us. Although we believe the assumptions upon which these forward-looking statements are based are reasonable, these assumptions are subject to significant risks and uncertainties. These risk factors include, but are not limited to the effect of the COVID-19 pandemic on our operations and financial performance; the effect of a recession on the Company and its customers and suppliers; changes in the Company's end-user markets into which the Company sells its products as a result of domestic and world economic or regulatory influences or otherwise; changes in the marketplace, including new products and pricing changes by the Company's competitors; availability and price of raw materials; and levels of operating efficiencies. Additional risks and other factors that could cause actual results or events to differ materially from those contemplated in this release are detailed in the Company's reports on Forms 10-K and 10-Q filed with the Securities and Exchange Commission, especially the disclosures under "Risk Factors" in those reports. These forward-looking statements are made only as of the date hereof. The Company cautions that any forward-looking statements included in this press release are subject to a number of risks and uncertainties, and the Company undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, changed circumstances or future events, or for any other reason, except as required by law.
About Titan: Titan International, Inc. (NYSE: TWI) is a leading global manufacturer of off-highway wheels, tires, assemblies, and undercarriage products. Headquartered in West Chicago, Illinois, the company globally produces a broad range of products to meet the specifications of original equipment manufacturers (OEMs) and aftermarket customers in the agricultural, earthmoving/construction, and consumer markets. For more information, visit www.titan-intl.com.
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SOURCE Titan International, Inc.
FAQ
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