CHICAGO, May 25, 2022
/PRNewswire/ -- Titan International, Inc. (NYSE: TWI) ("Titan" or
"TWI") today released the following comments from its Chairman of
the Board, Morry Taylor.
"The last few weeks I have had phone calls from shareholders
wanting to better understand what is going on with TWI referencing
the moves in our stock price. The simple answer is TWI
doesn't have anything to do with the daily movements in our stock
price! TWI's President and CEO, Paul
Reitz and his team have done an excellent job growing
production and keeping everything running worldwide through the
last 18 months. The results speak for themselves. What
a great job they have done. I have never seen a market like
this. TWI's order books are full through 2022 and 2023 could
be even better. The reason for this was mentioned by Paul in
his first quarter earnings release comments a few weeks ago. The
price of corn, soybeans, wheat and cotton are all near historic
highs, and there is no surplus out there, which should lead to
farmers spending on equipment for quite a while.
"As major equipment companies have stated, they are going full
out to build everything they can. TWI's business should run
hot for a while as there is no significant equipment inventory on
dealer lots and any change to the situation appears to be a long
way off. The aftermarket for used farm equipment is also
seeing similar things with dealer lots remaining bone dry with
little to no used equipment. This further helps Titan because
some farmers cannot get new equipment, so they opt to repair their
older equipment. That means new tires, and if they want new
larger, wider tires that means new wheels and tires.
"As I mentioned earlier, I have never seen business like this
and the opportunity for TWI continues to be great. TWI has
stated adjusted EBITDA should be over $200
million for the full year 2022. I agree with that
statement. Everyone wants to know about supply chain issues
and how they could impact Titan's business. On the wheel
side, steel is the most critical raw material. The price of steel
has more than doubled in the past 18 months and has been volatile
throughout, but Titan has maintained supply and managed the
increased costs with pricing. Tires are different because
they also contain carbon black, natural rubber, and synthetic
rubber and other raw materials. Titan has more options,
including substitutes in a pinch, if needed. TWI's products
do not have microchips in them, which is causing a lot of problems
for equipment makers these days. I believe TWI is sitting
solid and is managing well in this volatile and tricky
"One item I think I understand well is there is a shortage of
food in parts of the world. Many people are concerned about
this, so that means there should be no slowdown in farm
business. Even politicians understand that the government
doesn't grow food, so farmers will be very busy. That is
great for TWI given our strong position.
"So, as you can see, TWI's future is the best it's ever been, in
my opinion, and I want to thank all our shareholders, many of whom
have been shareholders for a long time! I am a very proud,
old man who has been a part of this company for a lot of years.
Paul Reitz and his team are going to
bring TWI to new and better prosperity. I could not be
prouder of the entire Titan Team!"
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.