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QUINCY, Ill., May 7, 2021 /PRNewswire/ Titan International, Inc. (NYSE: TWI) ( Titan or the Company ) today announced the completion of its previously announced redemption of all of its outstanding $400,000,000 aggregate principal amount of the 6.50% Senior Secured Notes due 2023 (the 2023 Notes ). The Company redeemed the notes at a price of $1,032.50 for each $1,000 principal amount of notes redeemed, or $413.0 million in total, plus approximately $11.3 million of unpaid interest accrued to the redemption date. The Company did not incur any early termination penalties in connection with the redemption of the 2023 Notes beyond the premium reflected in the redemption price described above.
52-week low: $1.05
Company Description
Titan International Inc is a manufacturer of wheels, tires, wheel and tire assemblies, and undercarriage systems and components for off-highway vehicles. The company operates through three segments namely Agricultural, Earthmoving/Construction, and Consumer. Geographically, business of the group can be seen in the United States, Brazil and other countries. Titan derives most of the revenue from Agricultural segment in which rims, wheels, tires and undercarriage systems and components are manufactured for use on various agricultural equipment, including tractors, combines, plows, planters and irrigation equipment, and are sold directly to original equipment manufacturers and to the aftermarket through independent distributors, equipment dealers and Titan s own distribution centers.
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QUINCY, Ill., May 6, 2021 /PRNewswire/ Titan International, Inc. (NYSE: TWI), a leading global manufacturer of off-highway wheels, tires, assemblies, and undercarriage products, today reported results for the first quarter ended March 31, 2021.
Net sales for the first quarter of 2021 were $403.5 million, compared to net sales of $341.5 million for the first quarter of 2020, representing a $62.0 million, or 18.2 percent, increase. On a constant currency basis, net sales for the first quarter 2021 would have been $409.3 million. Net income applicable to common shareholders for the first quarter of 2021 was $13.6 million, equal to income of $0.22 per basic and diluted share, compared to a loss of $25.5 million, equal to a loss of $0.42 per basic and diluted share, in the first quarter of 2020.
Titan International: Q1 Earnings Snapshot
May 6, 2021
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QUINCY, Ill. (AP) Titan International Inc. (TWI) on Thursday reported first-quarter net income of $13.6 million, after reporting a loss in the same period a year earlier.
The Quincy, Illinois-based company said it had profit of 22 cents per share. Earnings, adjusted for non-recurring gains, came to 7 cents per share.
The wheel and tire supplier posted revenue of $403.5 million in the period.
Titan International shares have more than doubled since the beginning of the year. The stock has climbed ninefold in the last 12 months.
This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on TWI at https://www.zacks.com/ap/TWI