Titan International Inc. Files Q3 2024 10-Q Report

TL;DR

Titan International Inc. dropped its Q3 2024 10-Q, check financials.

AI Summary

Titan International Inc. reported its third-quarter results for the period ending September 30, 2024. The company's filing details its financial position and operational performance, including balance sheet items and segment information. Specific financial figures and operational metrics for the quarter and year-to-date periods are presented within the report.

Why It Matters

This filing provides investors and analysts with the latest financial performance data for Titan International Inc., crucial for understanding the company's current health and future prospects.

Risk Assessment

Risk Level: low — This is a standard quarterly financial filing with no immediate red flags or significant new risks disclosed.

Key Numbers

• 2024-09-30 — Reporting Period End (Third quarter of 2024)
• 2023-09-30 — Prior Year Period End (Third quarter of 2023 comparison)
• 2024-09-30 — Year-to-Date Period End (Nine months ended September 30, 2024)
• 2023-09-30 — Prior Year Year-to-Date End (Nine months ended September 30, 2023 comparison)

Key Players & Entities

• TITAN INTERNATIONAL INC (company) — Filer
• 20240930 (date) — Conformed Period of Report
• 20241030 (date) — Filed as of Date
• 363228472 (dollar_amount) — IRS Number
• IL (location) — State of Incorporation
• 1231 (date) — Fiscal Year End
• 001-12936 (company) — SEC File Number

FAQ

Key Financial Figures

• $0.0001 — ange on which registered Common stock, $0.0001 par value TWI New York Stock Exchange

Filing Documents

• twi-20240930.htm (10-Q) — 1551KB
• twi09302024ex311.htm (EX-31.1) — 11KB
• twi09302024ex312.htm (EX-31.2) — 11KB
• twi09302024ex32.htm (EX-32) — 10KB
• twi-20240930_g1.jpg (GRAPHIC) — 46KB
• 0000899751-24-000091.txt ( ) — 8820KB
• twi-20240930.xsd (EX-101.SCH) — 49KB
• twi-20240930_cal.xml (EX-101.CAL) — 125KB
• twi-20240930_def.xml (EX-101.DEF) — 210KB
• twi-20240930_lab.xml (EX-101.LAB) — 666KB
• twi-20240930_pre.xml (EX-101.PRE) — 488KB
• twi-20240930_htm.xml (XML) — 1406KB

Financial Statements (Unaudited)

Financial Statements (Unaudited) Condensed Consolidated Statements of Operations for the Three and Nine Months Ended September 30, 2024 and 2023 1 Condensed Consolidated Statements of Comprehensive Income for the Three and Nine Months Ended September 30, 2024 and 2023 2 Condensed Consolidated Balance Sheets as of September 30, 2024 and December 31, 2023 3 Condensed Consolidated Statements of Changes in Equity for the Three and Nine Months Ended September 30, 2024 and 2023 4 Condensed Consolidated Statements of Cash Flows for the Nine Months Ended September 30, 2024 and 2023 6 Notes to Condensed Consolidated Financial Statements 7 Item 2.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 26 Item 3.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 39 Item 4.

Controls and Procedures

Controls and Procedures 40 Part II. Other Information Item 1.

Legal Proceedings

Legal Proceedings 41 Item 1A.

Risk Factors

Risk Factors 41 Item 2 . Unregistered Sales of Equity Securities and Use of Proceeds 41 Item 5 . Other Information 41 Item 6. Exhibits 42

Signatures

Signatures 43 Table of Contents

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION

Financial Statements

Item 1. Financial Statements TITAN INTERNATIONAL, INC. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED) (All amounts in thousands, except per share data) Three months ended Nine months ended September 30, September 30, 2024 2023 2024 2023 Net sales $ 447,985 $ 401,781 $ 1,462,364 $ 1,431,601 Cost of sales 389,180 335,708 1,245,747 1,184,076 Gross profit 58,805 66,073 216,617 247,525 Selling, general and administrative expenses 49,533 33,587 140,536 102,917 Acquisition related expenses — — 6,196 — Research and development expenses 4,199 3,167 12,071 9,399 Royalty expense 2,266 2,344 7,613 7,200 Income from operations 2,807 26,975 50,201 128,009 Interest expense ( 9,005 ) ( 7,229 ) ( 27,103 ) ( 22,446 ) Interest income 3,064 3,298 8,483 6,261 Foreign exchange (loss) gain ( 2,525 ) 876 ( 2,338 ) ( 882 ) Other income 375 461 4,057 2,409 (Loss) income before income taxes ( 5,284 ) 24,381 33,300 113,351 Provision for income taxes 12,915 4,718 38,103 28,363 Net (loss) income ( 18,199 ) 19,663 ( 4,803 ) 84,988 Net income attributable to noncontrolling interests 50 383 2,096 3,663 Net (loss) income attributable to Titan and applicable to common shareholders $ ( 18,249 ) $ 19,280 $ ( 6,899 ) $ 81,325 (Loss) earnings per common share: Basic $ ( 0.25 ) $ 0.31 $ ( 0.10 ) $ 1.29 Diluted $ ( 0.25 ) $ 0.31 $ ( 0.10 ) $ 1.29 Average common shares and equivalents outstanding: Basic 72,013 62,598 69,900 62,810 Diluted 72,013 63,095 69,900 63,271 See accompanying Notes to Condensed Consolidated Financial Statements. 1 Table of Contents TITAN INTERNATIONAL, INC. CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (UNAUDITED) (All amounts in thousands) Three months ended September 30, 2024 2023 Net (loss) income $ ( 18,199 ) $ 19,663 Derivative loss ( 139 ) ( 82 ) Currency translation adjustment, net 11,064 ( 26,694 ) Pension liability adjustments, net of tax of $( 15 ) and $( 21 ), respectively 29 80 Comprehensive lo

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View this 10-Q filing on SEC EDGAR