TITAN INTERNATIONAL, INC.'S CHAIRMAN'S HOLIDAY MESSAGE

Rhea-AI Summary

Titan International, Inc. (NYSE: TWI) Chairman Morry Taylor released a Thanksgiving message emphasizing the company's positive outlook for the agriculture industry. He noted that TWI stock remains underperforming despite analysts' target of $25 per share. Taylor praised agricultural equipment manufacturers and highlighted strong demand due to limited equipment availability, particularly in the face of high prices for crops. He anticipates a strong Q4, building on impressive Q3 results, and dismissed recession concerns for the farming sector.

Positive

• Q3 results were described as tremendous, indicating strong financial performance.
• Anticipation of a strong Q4 performance.
• Demand for agricultural equipment remains high due to a shortage of quality equipment.

Negative

• TWI stock is currently underperforming compared to analysts' expectations of $25 per share.

CHICAGO, Nov. 22, 2022 /PRNewswire/ -- Titan International, Inc. (NYSE: TWI) ("Titan" or "TWI") today released the following comments from its Chairman of the Board, Morry Taylor.

"Well, this is Thanksgiving week and every Shareholder has to be thankful for the job Paul Reitz, President and CEO, and his One Titan team has done this past year.  I know there are many questions on why the TWI stock is not at $25/per share since analysts have TWI in this price range.  I do not have an answer for that question.  What I think is anyone whose business has to do with agriculture is doing well and will be running hard into the future!  I believe this Wednesday John Deere will announce earnings, the great green machine has been around for over 180 years, and this year has been a successful one for them.  I want to congratulate the Deere Team for their success.  I also want to congratulate CNH, AGCO, Kubota, Kioti and the whole industry for a great job done.  As we have stated previously, I believe Titan will also have its greatest year since going public in 1994.  I believe our industries will keep going in a positive direction through 2023 and beyond.  Yes, there is a lot of negative talk, but generally not in the agriculture business.  This past week, I talked with an equipment dealer who told us about buying back a combine that was one year old and had 400 hours on it and he paid the farmer $100,000 more than what he sold it at one year ago.  He has sold the combine to another farmer already and made a fair profit.  Now, what does this mean?  It is simple - there is a shortage of good equipment, and as long as corn, soybeans, wheat, cotton, etc. remain on the high side, there will be demand for equipment.

"So, for all of you worried about recession, I do not believe it is not going to happen to the farming business in the near future.  Titan put out Q3 results the first week of November and it was tremendous.  The fourth quarter should also be strong for TWI. 

"So, everyone have a Happy Thanksgiving, Merry Christmas, Happy Hanukkah and Happy New Year!  Take time to think about how short life is, stay healthy and I hope to talk to you after the first of the year."

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

What did Titan International's Chairman say about the stock performance on November 22, 2022?

Chairman Morry Taylor expressed confusion over the stock price not reaching the analyst target of $25 per share despite positive business trends.

What are the expectations for Titan International's Q4 results?

Chairman Taylor expects a strong Q4, building on the tremendous Q3 performance reported earlier in November.

What factors are driving demand for Titan International's products?

Increased prices for crops and a shortage of quality agricultural equipment are driving demand.

How did Titan International perform in Q3 2022?

The company reported tremendous Q3 results, indicating strong financial performance during that period.