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Titan International Inc. Reports Record Q3 Revenue & Adjusted Profit

Third Quarter Conference Call:

The Titan International Inc. earnings conference call for the third quarter that ended September 30, 2012, will be held at 9 a.m. Eastern Time on Thursday, October 25, 2012. To participate in the conference call, dial (800) 230-1085 five minutes prior to the scheduled time. International callers dial (612) 332-0345. A replay of the call will be available until November 1, 2012. To access the replay, dial (800) 475-6701 and enter access code 267806. International callers dial (320) 365-3844.

Safe harbor statement:

This press release includes forward-looking statements that involve risks and uncertainties, including risks as detailed in Titan International, Inc.’s periodic filings with the Securities and Exchange Commission. 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.

Company description: Titan International Inc. (NYSE: TWI), a holding company, owns subsidiaries that supply wheels, tires and assemblies for off-highway equipment used in agricultural, earthmoving/construction and consumer (including all terrain vehicles) applications.

 

Consolidated Condensed Statements of Operations (Unaudited)

         
Amounts in thousands, except earnings per share data.   Three Months Ended   Nine Months Ended
September 30, September 30,
2012   2011 2012   2011
Net sales $404,719 $398,805 $1,327,040 $1,084,081
Cost of sales 337,558   345,811   1,084,430   910,481  
Gross profit 67,161 52,994 242,610 173,600
 
Selling, general & administrative expenses 25,497 8,548 79,742 50,414
Research and development expenses 1,759 796 4,456 2,993
Royalty expense 3,739 2,263 8,740 7,530
Supply agreement termination income 0   0   (26,134 ) 0  
Income from operations 36,166 41,387 175,806 112,663
 
Interest expense (6,187 ) (6,616 ) (18,699 ) (19,045 )
Noncash convertible debt conversion charge 0 0 0 (16,135 )
Other income (expense) 2,439   (556 ) 6,163   1,907  
Income before income taxes 32,418 34,215 163,270 79,390
 
Provision for income taxes 13,589   12,690   64,722   35,345  
 
Net income 18,829 21,525 98,548 44,045
 
Net income (loss) attributable to noncontrolling interests (750 ) 362   (506 ) 354  
 
Net income attributable to Titan $19,579   $21,163   $99,054   $43,691  
 
Earnings per common share:
Basic $.46 $.50 $2.35 $1.05
Diluted .39 .42 1.92 .89
 
Average common shares outstanding:
Basic 42,180 42,028 42,148 41,512
Diluted   53,326     53,061     53,315     52,970  
 

Segment Information

Revenues from external customers (Unaudited)

         
Amounts in thousands   Three Months Ended   Nine Months Ended
September 30, September 30,
2012   2011 2012   2011
Agricultural $246,578 $246,456 $831,376 $713,721
Earthmoving/Construction 103,135 81,078 318,244 224,484
Consumer 55,006 71,271 177,420 145,876
Total   $404,719   $398,805   $1,327,040   $1,084,081
 

Titan International, Inc.

 

Consolidated Condensed Balance Sheets (Unaudited)

         
Amounts in thousands    
September 30, December 31,
Assets 2012 2011
Current assets:
Cash and cash equivalents $134,890 $129,170
Accounts receivable, net 228,375 189,527
Inventories 247,778 190,872
Deferred income taxes 32,706 26,775
Prepaid and other current assets 45,256 28,249
Total current assets 689,005 564,593
 
Property, plant and equipment, net 336,769 334,742
Other assets 132,356 110,951
Total assets $1,158,130 $1,010,286
 
Liabilities & Equity
Current liabilities:
Short-term debt $ 7,517 $ 11,723
Accounts payable 106,670 76,574
Other current liabilities 81,298 87,469
Total current liabilities 195,485 175,766
 
Long-term debt 313,897 317,881
Deferred income taxes 53,001 38,691
Other long-term liabilities 73,499 81,069
Equity 522,248 396,879
Total liabilities & equity   $1,158,130   $1,010,286
 

Titan International, Inc. Supplemental Consolidated Statement of Income Information Reconciliation of GAAP to Non-GAAP Financial Measures-Unaudited Amounts in thousands except earnings per share data

The Company reports its financial results in accordance with generally accepted accounting principles in the United States (GAAP). This supplemental schedule provides adjusted non-GAAP financial information and a quantitative reconciliation of the difference between non-GAAP financial measure and the financial measure calculated and reported in accordance with GAAP.

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