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Thursday, March 7, 2019

-=Titan Intl (TWI) reported earnings on Thur 7 March 19 (b/o)

Titan Intl misses by $0.16, misses on revs; guides FY19 revs below consensus
  • Reports Q4 (Dec) loss of $0.21 per share, excluding non-recurring items, $0.16 worse than the S&P Capital IQ Consensus of ($0.05); revenues fell 3.4% year/year to $363.1 mln vs the $385.08 mln S&P Capital IQ Consensus.
  • EBITDA was $10.8 million for the fourth quarter of 2018, compared to $10.2 million in the comparable prior year period.
  • Co issues downside guidance for FY19, sees FY19 revs of +6-7% to approximately $1.7-1.71 bln vs. $1.71 bln S&P Capital IQ Consensus.
  • "As we look to 2019, we believe that Titan is positioned for continued overall net sales growth in the range of 6 percent to 7.5 percent. Specifically, within our segments we anticipate net sales growing as follows: agricultural (4 - 6 percent), earthmoving/construction (8 - 9.5 percent) and consumer (2.5 - 4.5 percent). With the continued growth in revenue, we believe that gross margin will improve and finish the year within the range of 12.8 percent to 13.2 percent of net sales. We currently expect SGARD expenses of approximately $150 million. These targets are expected to yield EBITDA ranging from $124 million to $134 million excluding currency impacts. We currently foresee continued investments in capital expenditures of between $40 million to $50 million in 2019."

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