WEST CHICAGO, Ill.,
Jan. 20, 2022 /PRNewswire/
-- Titan International, Inc. (NYSE: TWI) ("Titan" or "TWI")
today released the following comments from its Chairman of the
Board, Morry Taylor.
"The USDA recently published data that that predicted a record
number of acres will be planted in 2022. I've spoken to a
couple very large equipment dealers, that are also larger farmers,
and they have noted that there is a lot of marginal land that with
new seeds and fertilizer can now be profitable. If you look
at the current corn prices around $6,
soybeans near $14, wheat above
$7, and cotton at $1.15 – American farmers are going to be working
hard and planting in a big way. The order books at all the
major manufactures of equipment are nearly full for 2022 and I
believe will continue to be strong into 2023. Another driving
factor is that even if farmers have a record harvest in 2022, the
overall inventory of grains will still be on the low side. If
a farmer cannot make a profit in these markets, then they should
find a different career.
"A potentially big kicker in 2022 is growth in the construction
sector. The infrastructure bill that passed this past fall
should be a big force if the bureaucrats can get it moving.
Then, this momentum could keep rolling right through 2023 and into
2024! Everyone should take time to think about what this
means for the future in the greatest country the world has ever
known. The USA is going to
go back to building things and rebuilding our supply chains.
The last 30 years America lost a lot of business, the next 30 we
will see a lot of that come back. Our best years are ahead if
we learn from the mistakes of the last 30 years!
"TWI sent out a press release last week on the Union
ratifications at TWI's three U.S. tire facilities. This new
contract has incentives for the workforce that are based on
rewarding increases in production output. This is a new
element in the contracts and is a win/win for the production
workers and Titan. An increase in overall production output
to meet customer demand along with improvements in plant
efficiencies is also a win for our shareholders.
"TWI ended 2021 real strong and the first quarter and will be
good coming out of the gate which will lead to a really good
year. Our upcoming year-end results will show what a great
year 2021 was and how Paul Reitz and
the Titan management team have setup TWI well for 2022.
"Titan's fourth quarter earnings will be released in early
March. Our revenue will be strong, and at that time we plan
to comment further on the strength of the market looking forward
into 2022. Yes, it's very nice to see this after the markets
of the last number of years. TWI is on a roll and I hope to
have some more great news before the end of February. All of
us at TWI appreciate the continued support of our many
stakeholders. Stay healthy and travel safe!"
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.
View original content to download
multimedia:https://www.prnewswire.com/news-releases/titan-international-incs-chairman-shares-market-outlook-301465431.html
SOURCE Titan International, Inc.