Titan International, Inc. Reports Third Quarter Financial Results

WEST CHICAGO, Ill., Oct. 29, 2026 /PRNewswire/ -- Titan International, Inc. (NYSE: TWI) ("Titan" or the "Company"), a leading global manufacturer of off-highway wheels, tires, assemblies, and undercarriage products, today reported financial results for the third quarter ended September 30, 2026.  The full earnings release including a reconciliation of GAAP to Non-GAAP figures can be found in the investor relations section of the Company's website at https://ir.titan-intl.com/news-and-events/news-releases/default.aspx. 

Q3 2026 Key Figures for Continuing Operations

• Revenues of $335 million ($454 million, inclusive of discontinued operations)
• Gross margin of 14.7%
• Adjusted EBITDA of $16 million ($28 million, inclusive of discontinued operations)
• Generated Free Cash Flows of $23 million

Paul Reitz, President and Chief Executive Officer, commented, "Inclusive of ITM, which is reported in our Q3 financials as discontinued operations, our revenues for the quarter of $454 million were above the midpoint of our guidance while Adjusted EBITDA of $28 million was also within our guidance range.  Our One Stop Shop strategy enabled us to deliver solid financial results despite current market conditions.  Focusing on our reported results which exclude ITM from continuing operations, EMC sales grew 5% with improved margins during the quarter while Consumer segment sales were down 3% albeit versus an abnormally strong Q3 last year.  Our Ag segment declined 12% as farmers remained on the sidelines due to high interest rates, diesel and fertilizer costs and other macro concerns that continue to impact overall economic activity."

Mr. Reitz continued, "Toward the end of the quarter we announced an agreement to sell our ITM business.  As we noted in that announcement, our Board of Directors believe that the sale of ITM empowers Titan to focus on growing our global wheel and tire businesses while also utilizing the proceeds to reduce our debt.  ITM is a high-quality business but has limited synergies relative to our wheel and tire operations.  As we continue to execute our strategic plan, we expect to energize our value creation by extending our leadership position in our wheel and tire businesses and intend to utilize proceeds from the transaction to support that strategy.  We are progressing through the regulatory process and continue to expect the transaction to close in early January 2027."  

Mr. Reitz concluded, "Macro uncertainty along with elevated interest rates, fuel and fertilizer costs continue to weigh on activity in our end markets, which has been the story throughout 2026.  At the same time, we believe the building blocks for a resumption of growth are present.  An aging machinery fleet continues to create pent-up replacement demand, while wheel and tire inventories across our distribution channels remain at relatively low levels.  Although corn prices are down from recent highs in August, they are still above year-ago levels, as are soybean prices, which bode well for farmer incomes. I am confident that a resumption in end market demand will flow through to suppliers such as Titan rather quickly. We have also strengthened our strategic position with customers through innovative products and solutions, which we expect will support growth despite challenging market conditions."

Third Quarter and Fiscal Year 2026 Outlook

Tony Eheli, Chief Financial Officer added, "Inclusive of ITM operations, we are updating our fourth quarter and full-year guidance to reflect the effect of current market conditions.  We currently expect fourth quarter sales of between $410 million and $430 million, and Adjusted EBITDA of between break even and $7 million.  Our current expectations for FY 2026 are for sales between $1.85 and $1.87 billion and Adjusted EBITDA of between $91 million and $101 million."

Results for the 2026 third quarter and nine months reflect the classification of the Company's Italtractor ITM undercarriage business ("ITM") as discontinued operations in connection with its previously announced pending sale to USCO S.p.A. ("USCO"). The transaction is scheduled to close in January 2027.  

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.

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, and are subject to change based on various factors, some of which are beyond Titan International, Inc.'s control. As a result, any of these assumptions could prove to be inaccurate and the forward-looking statements based on these assumptions could be incorrect. The matters discussed in these forward-looking statements are subject to risks, uncertainties, and other factors that could cause actual results and trends to differ materially from those made, projected, or implied in or by the forward-looking statements depending on a variety of uncertainties or other factors including, but not limited to, 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; the Company's ability to maintain satisfactory labor relations; unfavorable outcomes of legal proceedings; the Company's ability to comply with current or future regulations applicable to the Company's business and the industry in which it competes or any actions taken or orders issued by regulatory authorities; availability and price of raw materials; levels of operating efficiencies; the effects of the Company's indebtedness and its compliance with the terms thereof; changes in the interest rate environment and their effects on the Company's outstanding indebtedness; unfavorable product liability and warranty claims; actions of domestic and foreign governments, including the imposition of additional tariffs; geopolitical and economic uncertainties relating to the countries in which the Company operates or does business; risks associated with acquisitions, including difficulty in integrating operations and personnel, disruption of ongoing business, and increased expenses; results of investments; the effects of potential processes to explore various strategic transactions, including potential dispositions; fluctuations in currency translations; risks associated with environmental laws and regulations; risks relating to our manufacturing facilities, including that any of our material facilities may become inoperable; risks relating to financial reporting, internal controls, tax accounting, and information systems; and the other risks and factors detailed in the Company's periodic reports filed with the Securities and Exchange Commission, including 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.

SOURCE Titan International, Inc.