Quarter and Full-Year Highlights
– Net sales for the quarter were $487.7 million, a $160.8 million (49%) YOY increase, while net sales for the full-year were $1.78 billion, a $520.9 million (41%) YOY increase
– Income from operations for the quarter was $24.3 million, a $40.2 million YoY improvement, enabling EPS to grow to $0.44 versus a loss of $0.28 in the prior year
– Adjusted EBITDA for the quarter was $36.1 million, a YOY Q4 increase of $18.8 million or 109%, and adjusted EBITDA for the full-year was $135.0 million, a YOY full-year increase of $80.9 million or 150%
WEST CHICAGO, Ill., March 2, 2022 /PRNewswire/ — Titan International, Inc. (NYSE: TWI), a leading global manufacturer of off-highway wheels, tires, assemblies, and undercarriage products, today reported results for the fourth quarter and year ended December 31, 2021.
Results of Operations
Net sales for the fourth quarter ended December 31, 2021, were $487.7 million, compared to $326.9 million in the comparable quarter of 2020, an increase of 49.2 percent drive by sales increases across all segments. Overall net sales was influenced heavily by both increased volume from increased demand across all segments of the business, most notably agriculture, along with pricing. The contributing factors to the increase in demand were increased commodity prices, lower equipment inventory levels at the farm equipment retail levels, and pent up demand following the economic impacts which occurred in 2020. Pricing increases have been implemented because of rising raw material costs and other inflationary impacts in the markets, including freight.
SOURCE Titan International, Inc.