US Market News
1月前
Titan International, Inc. Reports First Quarter Financial ResultsApril 30, 2026 6:00 AM
PR Newswire (US)
WEST CHICAGO, Ill., April 30, 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 first quarter ended March 31, 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.Q1 2026 Key FiguresRevenues grew 2.9% to $505 millionGross margin improved to 14.1%Adjusted EBITDA increased to $31 millionPaul Reitz, President and Chief Executive Officer, commented, "Our Q1 2026 results were at the high end of our expectations as our team executed well against a macro backdrop that continued to be very dynamic. EMC was our best-performing segment, with growth over 11% versus the prior year period. Gross margin in the segment improved 90 basis points to 11.3% as top-line growth allowed for improved fixed cost leverage. Our Ag segment also recorded modest growth while Consumer fell by only 1.6%. Notwithstanding the geopolitical and tariff volatility, we had a strong quarter with revenues up nearly 3% with increased gross margin and Adjusted EBITDA."Mr. Reitz continued, "Titan is built to be resilient in market conditions such as this. We have a diversified portfolio of products, strategically positioned global plants, and a one-stop shop distribution channel that is surrounded by a team that is highly energized for our customers. In times like this, we help our customers remain flexible in serving their end markets. With purchasers of equipment remaining hesitant, inventory management continues to be paramount with many OEMs and dealers working from lean positions to limit their investment in working capital. This naturally limits their ability to be responsive to customer ordering and by working with Titan, those OEMs and dealers know they have a trusted partner that can get them the wheel, tire and undercarriage products they need quickly." Mr. Reitz concluded, "We continue to be hopeful that the underlying causes of the current market volatility will subside but remain resolute in knowing Titan is well-positioned however our markets unfold. Our terrific One Titan Team is focused on producing high-quality products and serving our customers to the best of their ability on a daily basis and as we do that, I firmly believe in our continued success."Tony Eheli, Chief Financial Officer added, "We currently expect second quarter sales to be between $470 million and $490 million with Adjusted EBITDA between $25 million and $30 million. We are also maintaining our previously communicated full year guidance of sales between $1.85 and $1.95 billion with Adjusted EBITDA between $105 million and $115 million.Mr. Eheli continued, "During the quarter, we announced the closure of our Jackson, Tennessee plant. We expect to complete the closure by the end of October, and execution is on a solid pace. With the acquisition of Carlstar, we knew we had excess manufacturing capacity in the US and identified this as a long-term synergy opportunity that would be accretive to our earnings. This action will streamline our manufacturing footprint by improving our capacity utilization, reducing costs and improving our ability to serve our customers effectively over the long term. We recorded approximately $2 million in restructuring and $23 million in non-cash impairment expenses related to the closure. We are confident that we will see cash benefits next year."About TitanTitan 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 StatementThis 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 the COVID-19 pandemic on our operations and financial performance; 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.
View original content to download multimedia:https://www.prnewswire.com/news-releases/titan-international-inc-reports-first-quarter-financial-results-302758053.htmlSOURCE Titan International, Inc.
Original: Titan International, Inc. Reports First Quarter Financial Results
US Market News
4月前
TITAN INTERNATIONAL, INC. REPORTS FOURTH QUARTER AND FISCAL YEAR 2025 FINANCIAL PERFORMANCEFebruary 26, 2026 6:00 AM
PR Newswire (US)
WEST CHICAGO, Ill., Feb. 26, 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 fourth quarter and year ended December 31, 2025. 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.Q4 2025 Key FiguresRevenues grew 7% to $410 millionGross margin improved to 10.9%Adjusted EBITDA increased 18% to $11 millionPaul Reitz, President and Chief Executive Officer, commented, "We wrapped-up 2025 with another positive quarter as our Q4 2025 results exceeded Q4 2024 in terms of revenue, gross margin and Adjusted EBITDA. Our EMC segment was a standout performer, with revenue growth of 21% and gross margin expansion of 3.4 percentage points. Importantly, we anticipate continued growth in this segment in 2026. Our Ag segment recorded a top-line increase of 2.6% in the fourth quarter, roughly flat excluding FX. Going into 2026 in Ag we expect demand for smaller equipment to outpace high-horsepower units as farmers continue to contend with elevated input costs and weaker commodity prices. In our Consumer segment, fourth quarter sales were up slightly within our Specialty division, while down modestly overall. Focusing on 2026, OEMs and their dealer networks look to have generally reached the end of their finished goods destocking and we expect to see some benefit from that as a result. A resumption in demand would therefore flow through to demand for tires, wheels and other components. It also bears repeating that our Consumer segment enjoys a high proportion of aftermarket sales and therefore is less susceptible to the OEM cycles."Mr. Reitz concluded, "Over the past couple years visibility across our end markets has been constrained — and that added complexity creates an advantage for Titan with our One Stop Shop strategy. Our diversified supply chain offers global manufacturing, strategic sourcing and JVs and this gives us flexibility to adapt quickly to the frequent changes we continue to see in trade policy and ultimately allows us to serve our customers better than anyone else. By keeping our customers at the forefront of everything we do, we continue to cement our market leadership position. We remain well positioned for an Ag market rebound and as always, we will continue to prioritize our customers and in doing so, we expect 2026 will be a good year for Titan." First Quarter and Fiscal Year 2026 OutlookTony Eheli, Chief Financial Officer, stated, "We ended the year with a strong balance sheet and maintained a disciplined expense profile that drove improvements in margin and profitability, while allowing us to continue to invest in our product, people, and processes. We expect to start 2026 with a seasonal uptick in activity with Q1 sales between $490 million and $510 million and Adjusted EBITDA between $28 million and $33 million. For the full year we are expecting revenue in the $1.85 to $1.95 billion range with Adjusted EBITDA between $105 million and $115 million."About TitanTitan 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 StatementThis 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 geopolitical instability; 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 realization of projected synergies; 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.
View original content to download multimedia:https://www.prnewswire.com/news-releases/titan-international-inc-reports-fourth-quarter-and-fiscal-year-2025-financial-performance-302697570.htmlSOURCE Titan International, Inc.
Original: TITAN INTERNATIONAL, INC. REPORTS FOURTH QUARTER AND FISCAL YEAR 2025 FINANCIAL PERFORMANCE
starbuxsux
12年前
Titan International, Inc. Sales Drop 7% in Q1 2014
7:00 AM ET 4/24/14 | PR Newswire
First quarter highlights:
-- Sales for first quarter 2014 were $538.9 million down 6.8 percent, compared to $578.4 million in the first quarter of 2013.
-- Gross profit decreased 43.6 percent for first quarter 2014 to $54.6 million, or 10.1 percent of net sales, compared to $96.8 million in first quarter 2013, or 16.7 percent of net sales.
-- First quarter income from operations was $0.3 million compared to $47.9 million last year.
-- Net income for the first quarter was $2.2 million, compared to $19.5 million in the first quarter of last year.
-- Earnings per share for the first quarter 2014 are $0.04 and $0.04 for basic and fully diluted, respectively, compared to $0.38 and $0.34 for 2013, basic and fully diluted, respectively.
Statement of Chief Executive Officer:
Titan CEO and Chairman, Maurice Taylor, comments, "The first quarter performance fell short of our expectations. There are a lot of reasons, but the simple fact is the buck stops with me.
"Winter's blast affected every factory in the United States with fuels costs up. The aftermarket and OEM farm business declined and OE construction business was also below forecast. The mining business was nonexistent in the first quarter. January and February business was weak. March improved but could not offset the severe declines in the first two months of 2014. Agriculture and construction seems to be improving slightly going forward but a recovery in the mining looks like a long haul. Due to the uncertainty in the markets we serve, the 2014 management goals published November 25, 2013 have been rescinded and are being reconsidered.
"We need to reduce our expenses and work harder during the rest of the year. Titan will be adjusting employment levels both in salary and hourly workforce in second quarter. Titan does have a lot of good things going forward. Our new tires and wheels are taking hold and the LSW tires and wheels are performing great out in the market. We have begun an aggressive campaign for the LSW concept which we expect to improve Titan's agriculture and construction wheels and tires business.
"Titan ITM, which makes tracks for construction and certain agricultural machines, is growing in South America. Europe remains weak and we do not expect much improvement for 2014. The Russian tire operation, in which Titan holds a 30 percent interest, is moving ahead. The political circumstances in Russia remain a challenge but we are proceeding on with our plan.
"Paul Reitz, Titan's new president, has visited all of Titan's operations and will be initiating his plan to increase Titan's operating margin and improve quality and delivery. John Hrudicka, Titan's new CFO, is partnering with Paul to drive profit optimization throughout the company. Cecilia LaManna (Chief Executive Officer of Italtractor ITM SpA Group) is now running Europe and she is growing the track business by taking market share in a very tough market. I believe, as does Titan's board, that Titan's new management team will grow revenue and operating profit.
"There have been a lot of questions asked about what, when and how Titan is going to reach many goals. I can appreciate that all shareholders don't have the same timeline that I have.
"Here are some simple facts and numbers: (Amounts in thousands, except per share data)
View data
Sales Adjusted Adjusted Shareholder's Equity EBITDA EPS-diluted 2010 $ 881,591 $ 89,317 $ 0.43 $ 272,031 2011 1,486,998 184,111 1.50 396,879 2012 1,820,678 243,568 1.93 632,362 2013 2,163,595 192,215 0.78 798,036
"In 2010, Titan began negotiating the rubber union work rules at our North American tire facilities. In the first quarter of 2013, we signed a new four year agreement with the steelworkers union minimizing the work rules and improving the efficiencies at the tire plants.
"Titan's business is simple to understand. We make the steel farm wheels for the North American and European markets. We also produce the farm tires for North and South America under the Goodyear and Titan brand. In 2011, Titan had a choice to either stay the size we were in revenue or expand into Europe and utilize our market strength. The board agreed to buy Titan Europe (the 80% we didn't own) and duplicate our North and South America business.
"We also produce the wheels, tires and undercarriage components for the construction and mining business in North America, Europe, Australia and Russia. Our market share for this segment will never match Titan's agriculture business because Michelin, Bridgestone and Goodyear alone have spent billions to expand capacity. Titan's maximum construction and mining tire capacity is between $500/$600 million in revenue; therefore, we look at being a specialty tire and wheel producer who can earn fair margins.
"The current outlook for mining tires continues to be negative. The price of tires continues to drop and will in the foreseeable future. Titan seeks to penetrate into a niche specialty tire and wheel market in the construction and mining segment which could generate additional revenue between $200 and $400 million and additional EBITDA between $40 to $120 million. The extra capital investment to accomplish this is substantially complete. Titan produces its own equipment, molds and tooling. If you ever have the chance to visit one of our factories in the United States, you will observe the hidden value.
"The new additions we acquired in 2012 and 2013 should start to show positive results this next year. Our business simply put is old line manufacturing and to make a new tire or wheel concept succeed, both products are needed. Titan's new LSW tires and wheels have shown big improvements over the current conventional products. These new tires and wheels improve equipment performance. It takes a few years for people (farmers) to see the benefits. We are starting to see those benefits in North America now and we will bring them to Europe and Russia. That is why we are excited about our growth.
"Titan today has enough cash on its balance sheet to finish the acquisition phase later this year. This should leave Titan International with annual revenues of $3 to $3.3 billion once the acquisitions are complete. It is management's goal to streamline these businesses as we have done with the Quincy wheel plant and our Des Moines tire facility. Titan's shareholders should know that it's the board's position to then pay out a high percentage of earnings in dividends as there will not be a large need for capital going forward for this business.
"When I started on this journey on March 23, 1983 we had zero employees and zero sales. We have come a long way and I believe we are very close to achieving our goals. As I've mentioned, I can appreciate there are many opinions how to do this faster, but in manufacturing you must do it correctly or you pay a high penalty for mistakes.
"I must also mention how lucky the company and I have been to have what I consider the best board of directors of any public company. Every individual on Titan's board brings a very unique talent, which helps Titan and you, the shareholders," concluded Taylor.
Financial Summary:
Sales: Net sales for the quarter ended March 31, 2014, were $538.9 million compared to $578.4 million in 2013, a decrease of 7 percent. Sales increased approximately 5% from the inclusion of the recently acquired Voltyre-Prom facility which recorded $29.6M in sales. Volume increased 4% primarily as the result of increased consumer sales at overseas facilities. The increase in net sales was offset by a price/mix reduction which resulted largely from decreased demand for larger product used in the mining industry that decreased sales approximately 14%, and unfavorable currency translation which decreased sales by approximately 2%.
Gross profit: Gross profit for the first quarter of 2014 was $54.6 million, or 10.1 percent of net sales, compared to $96.8 million, or 16.7 percent of net sales for the first quarter of 2013. Gross profit decreased primarily as a result of a large decrease in demand for earthmoving/construction products for the mining industry, which remains in a cyclical downturn. Generally, there are higher margins associated with the larger, more complex mining tires. As a consequence, this drove a significant decrease in gross profit due to selling price reductions, mix erosion and lost leverage on lower sales.
Warranty Expense: The provision for warranty liability was $5.3 million at March 31, 2014 or 1.0 percent of sales compared to $7.9 million at March 31, 2014 or 1.4 percent of sales.
Selling, general and administrative (SG&A) expenses: Selling, general and administrative for the first quarter of 2014 were $46.8 million, or 8.7% of net sales, compared to $42.4 million, or 7.3% of net sales, for 2013. The higher SG&A expenses were primarily the result of approximately $5 million of SG&A expenses at recently acquired facilities.
Income from operations: Income from operations for the first quarter of 2014, was $0.3 million, or 0 percent of net sales, compared to $47.9 million, or 8.3 percent of net sales, in 2013.
Interest expense: Interest expense was $9.3 million and $10.4 million for the quarters ended March 31, 2014, and 2013, respectively.
Earnings per share: For the first quarter of 2014, basic and diluted earnings per share were $0.04 and $0.04, respectively. This compared to the same period last year, basic and diluted earnings per share were $0.38 and $0.34, respectively.
Capital expenditures: Titan's capital expenditures were $16.8 million for the first quarter of 2014 and $21.2 million for the first quarter 2013.
Debt balance: Total long term debt balance was $498.8 million at March 31, 2014 compared to $497.7 million on December 31, 2013. Short-term debt balance was $78.0 million at March 31, 2014 and $75.1 million at December 31, 2013. Net debt (debt less cash and investments) was $298.7 million at March 31, 2014, compared to $294.1 million at December 31, 2013.
Equity balance: The company's equity was $782.1 million at March 31, 2014 compared to $798.0 million at December 31, 2013.
First Quarter Conference Call: Titan will be hosting a conference call for the first quarter earnings announcement at 9:00 a.m. Eastern Time on Thursday, April 24, 2014. To participate in the call, dial (877) 870-4263, (International callers dial (412) 317-0790; Canada (855) 669-9657). The call will be webcast and can be accessed at www.titan-intl.com in the "News & Events/Conference Calls" section on the "Investor Relations" page of our website. A replay of the call will be available until May 1, 2014. Visit our website for more details.
Safe harbor statement: This press release includes forward-looking statements that involve risks and uncertainties, including risks as detailed in Titan International, Inc.'s periodic filings with the Securities and Exchange Commission. 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.
Company description: Titan International Inc. (NYSE: TWI), a holding company, owns subsidiaries that supply wheels, tires, assemblies and undercarriage product for off-highway equipment used in agricultural, earthmoving/construction and consumer (including all terrain vehicles) applications.
View data
Titan International, Inc. Consolidated Condensed Statements of Operations (Unaudited) Amounts in thousands except earnings per share data Three months ended March 31, 2014 2013 Net sales $ 538,940 $ 578,387 Cost of sales 484,390 481,636 Gross profit 54,550 96,751 Selling, general and administrative expenses 46,835 42,443 Research and development expenses 3,710 2,702 Royalty expense 3,741 3,723 Income from operations 264 47,883 Interest expense (9,259) (10,441) Convertible debt conversion charge -- (7,273) Other income 516 1,419 Income (loss) before income taxes (8,479) 31,588 Provision (benefit) for income taxes (3,351) 12,199 Net income (loss) (5,128) 19,389 Net loss attributable to noncontrolling interests (7,291) (86) Net income attributable to Titan $ 2,163 $ 19,475 Earnings per common share: Basic $ .04 $ .38 Diluted $ .04 $ .34 Average common shares and equivalents outstanding: Basic 53,470 51,816 Diluted 53,774 59,642 Dividends declared per common share: $ .005 $ .005
View data
Segment Information Revenues from external customers (Unaudited) Amounts in thousands except earnings per share data Three months ended March 31, 2014 2013 Revenues from external customers Agricultural $ 317,166 $ 310,553 Earthmoving/construction 152,940 209,616 Consumer 68,834 58,218 $ 538,940 $ 578,387
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Titan International, Inc. Consolidated Condensed Balance Sheets (Unaudited) Amounts in thousands March 31, December 31, Assets 2014 2013 Current assets Cash and cash equivalents $ 200,094 $ 189,360 Restricted cash - 14,268 Accounts receivable, net 328,027 263,053 Inventories 394,550 384,920 Deferred income taxes 43,849 41,931 Prepaid and other current assets 86,346 114,346 Total current assets 1,052,866 1,007,878 Property, plant and equipment, net 628,807 638,807 Goodwill 41,269 42,075 Deferred income taxes 1,985 2,772 Other assets 133,571 129,699 Total assets $ 1,858,498 $ 1,821,231 Liabilities and Equity Current liabilities Short-term debt $ 78,022 $ 75,061 Accounts payable 213,464 176,719 Deferred Income Taxes 3,280 3,525 Other current liabilities 148,570 131,266 Total current liabilities 443,336 386,571 Long-term debt 498,774 497,694 Deferred income taxes 57,406 60,985 Other long-term liabilities 76,858 77,945 Total liabilities 1,076,374 1,023,195 Equity Titan stockholders' equity Common stock (no par, 120,000,000 shares authorized, 55,253,092 issued) -- -- Additional paid-in capital 559,575 558,637 Retained earnings 209,436 207,541 Treasury stock (at cost, 1,681,886 and 1,692,220 shares, respectively) (15,494) (15,586) Treasury stock reserved for deferred compensation (1,075) (1,075) Accumulated other comprehensive loss (56,891) (61,794) Total Titan stockholders' equity 695,551 687,723 Noncontrolling interests 86,573 110,313 Total equity 782,124 798,036 Total liabilities and equity $ 1,858,498 $ 1,821,231
Titan International, Inc. Supplemental Consolidated Statement of Income Information Reconciliation of GAAP to Non-GAAP Financial Measures-Unaudited Amounts in thousands except earnings per share data
The company reports its financial results in accordance with generally accepted accounting principles in the United States (GAAP). This supplemental schedule provides adjusted non-GAAP financial information and a quantitative reconciliation of the difference between non-GAAP financial measure and the financial measure calculated and reported in accordance with GAAP.
The SEC's Regulation G applies to any public disclosure or release of material information that includes a non-GAAP financial measure. The non-GAAP financial measure should be considered supplemental to, not a substitute for, the financial measures calculated in accordance with GAAP. It has limitations in that it does not reflect all of the costs associated with the operations of our businesses as determined in accordance with GAAP. In addition, this measure may not be comparable to non-GAAP financial measures reported by other companies.
The non-GAAP financial measure of adjusted net income assists investors with analyzing our business results as well as with predicting future performance. In addition, this non-GAAP financial measure is reviewed by management in order to evaluate the financial performance of each segment as well as the company as a whole. We believe that the presentation of this non-GAAP financial measure will permit investors to assess the performance of the company on the same basis as management.
As a result, one should not consider this measure in isolation or as a substitute for our results reported under GAAP. We compensate for these limitations by analyzing results on a GAAP basis as well as a non-GAAP basis, prominently disclosing GAAP results and providing reconciliations from GAAP results to non-GAAP results.
The table below provides a reconciliation of the non-GAAP financial measures with the most directly comparable GAAP financial measures for March 31, 2014.
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Amounts in thousands except earnings per share data Three Months Ended March 31, 2014 2013 Net income attributable to Titan $2,163 $19,475 Adjustments: Europe rationalization - 139 Convertible debt conversion charge - 3,701 Adjusted Net Income $2,163 $23,315 Adjusted earnings per common share: Basic $.04 $0.45 Diluted $.04 $0.40 Average common shares outstanding: Basic 53,470 51,816 Diluted 53,774 59,642
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