Titan Intl (NYSE:TWI)

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All Comments & Business Outlook GeoBargain Notes

Wednesday, February 22, 2012

Comments & Business Outlook

Fourth Quarter 2011 Results

Record sales for fourth quarter 2011 were $402.9 million, as compared to $232.7 million in the fourth quarter of 2010.
Non Gaap Earnings per share for fourth quarter 2011 were $0.37 as compared to $0.09 in the fourth quarter of 2010

Maurice Taylor, Chairman and CEO of Titan International commented, "2011 has been a great year for Titan International. Titan has not only made a number of acquisitions but, internally, we have strengthened our management teams for continued growth. Projections for the farm tire and wheel business are double digit growth. Titan’s mining and construction business is expected to grow by triple digits. This growth will come from our current offering of products and newly designed tires and wheels. We will spend approximately $55 million in 2012 on new equipment, molds and dies at our current facilities to achieve these goals. I believe that each quarter will set records over prior quarters in 2011."

"We are actively pursuing potential acquisitions and have a plan not only to grow our business but to improve our margins through greater manufacturing efficiencies as factories’ utilizations grow."

"We are driven to increase Titan’s market share in every segment that Titan competes in 2012. It is Titan’s goal not only to manufacture the lowest cost product, but also to have the best wheels and tires in the world and the best service. All the hard work from all Titan’s employees will continue to show in our numbers as we continue into 2012."

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Monday, January 30, 2012

GeoBargain Notes

This is a review of our GeoNugget on TWI released on January 12, 2012.

What follows is our assessment of the TWI story; a company not yet on any new high screens, fully entrenched in the earth moving market that should be an immediate and direct beneficiary of the energy exploration boom. We predict it will reach its 52 week high of $31.42 during 2012.

On 12/22/2011 we coded TWI as a GeoBargain @ $18.99

Titan International, Inc., a holding company, owns subsidiaries that supply wheels, tires and assemblies for off-highway equipment used in agricultural, earthmoving/construction and consumer (including all terrain vehicles) applications.

Data Ended 1/10/2012: All calculations are based on non-gaap numbers(non-gaap numbers are adjusted for non operating/cash gains and or charges.)

Price = $21.28
Trailing EPS = $1.30
EPS Estimates = $2.25
P/E based on Fully-Taxed Trailing EPS = 16.3
P/E based on EPS estimate = 9.45

Criteria Check List

TWI Meets 5 out of 10 of our most important GeoBargain® Requirements

	Requirement	Comments
	Recent 52-week High(generally within 3 months)	Must Reach $31.42
	Strong EPS Growth Rate	As of 3rd Quarter 2010
	> 30% EPS Growth Rate^a	3rd Qtr. 2011 EPS increased 164% Full year 2012 estimates implies an EPS growth rate of 54%
	GeoPowerRanking (GPR); Number of consecutive quarters that EPS is expected to grow at least 30%.	5
	10% Revenue Growth	3rd Qtr. 2011 revenue increased 79%. Full year 2012 estimates implies a revenue growth rate of 25%
	Strong Operating Cash Flow and Balance Sheet	As of 3rd Qtr 2011

To see more requirements, reasons for optimism, as well as potential valuation, see the rest of our January 12, 2012 GeoNugget.

Be among the first investors to receive quality due diligence on stories like this one!

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Wednesday, January 18, 2012

Comments & Business Outlook

Titan Tire Corporation, a subsidiary of Titan International, Inc. (NYSE: TWI), announces a multi-year supply contract with Caterpillar for tires.

Titan has agreed to supply OTR tires to Caterpillar under a three-year agreement starting in 2012. The value of the contract in today’s dollars is expected to exceed a minimum of $100 million dollars.

Maurice Taylor, Titan International Chairman and CEO commented, “Titan is honored to work with Caterpillar and we look forward to supplying tires in support of Caterpillar equipment.”

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Tuesday, January 10, 2012

Comments & Business Outlook

"We have had a great year and we are forecasting 2012 to be our best year based on the conditions I see today,” commented Maurice Taylor, Chairman and CEO of Titan International. “The agriculture market remains strong, earthmover is booming and we see great opportunities in the export market. Assuming little change in raw material costs, I forecast Titan sales to range $1.7 billion to $1.9 billion for 2012. This sales range is projected to generate an EBITDA from $225 million to $300 million.”

There are catalysts that may drive these ranges higher. If the necessary equipment is installed at the respective facilities by September 2012, sales could exceed $2 billion. The 2012 forecast does not include any anticipated acquisitions. Details of any pending acquisitions would not be available for discussion until a public announcement is filed by the company.

Sales for 2011 are expected to be in range with the September guidance of $1.4 billion. “We exit the year with much optimism for what lies ahead for ag, construction and earthmoving business,” says Taylor.

“I wish you all a safe, healthy and happy holiday season. 2012 will be a real wild ride!”

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