Benzinga | Dec 9, 2021 09:59PM EST

Titan International Chairman Issues Statement; Says Co Sees FY21 Adj. EBITA Over $130M

Titan International, Inc. (NYSE:TWI) ("Titan" or "TWI") today released the following statement.

Morry Taylor, Chairman of the Board, commented, "This past quarter on our earnings call a question was asked in reference to John Deere's strike and how it would affect Titan. John Deere is one of TWI's largest customers. During the strike TWI kept John Deere supplied with wheels and tires, but while the strike was taking place (it is now over), Titan was able to supply more product to our other customers. So the strike did not have any negative, only positive, financial effect on Titan. TWI is in its best financial shape in recent years. Everything is moving upward and our adjusted EBITDA is expected to be over $130 million for 2021. Titan's CEO, Paul Reitz, and his team have done an excellent job this past year for all shareholders.

"The only area that is lagging is TWI's share price which remains below where it should be given that we expect our earnings to reach an even higher level in 2022. As one of our Board members stated, TWI should be much higher based on our results. If investors like farming, home building and construction, they have got to love TWI. I happen to agree with this statement. In the near future, Paul Reitz will be setting up more meetings with investors going through what the future of TWI looks like. I should also mention that even though TWI is the world's largest manufacturer of wheels for agriculture and construction, we also have the greatest capacity of Ag tires in the world. There are potential acquisitions that could be interesting for us, so it is a very exciting time at Titan heading into 2022.

"One thing you can always count on is the U.S. Farmers. If corn is over $4/bushel, soybeans over $10/bushel and cotton over $1/pound, then all acres will be planted and farmer income will be strong. This means farmers will want to buy new equipment. I also believe the supply chain is going to be coming back to America. Titan has manufacturing around the world, with our largest production capacity for wheels and tires located right here in the U.S which puts us in a great position to capitalize on this shift.

"We welcome visitors at our facilities and our employees take great pride in showing off how we make our products. So if you're going to be in the area of one of our tire or wheel facilities, call us at 1-800-262-3397 and arrange a tour. Our U.S. facilities are located in Quincy, Illinois, Des Moines, Iowa, Freeport, Illinois, Bryan, Ohio and Union City, Tennessee.

"I wish you all good health and safe travels over the holidays."