Titan International, Inc. (NYSE:TWI) shares are trading lower after the company reported worse-than-expected fourth-quarter sales results.
What to Know: On Monday after market closure, Titan International reported its fourth-quarter and full-year results for the period ending Dec. 31, 2022.
The company announced quarterly earnings of $0.44 per share, meeting the analyst consensus estimate. Titan International reported quarterly sales of $509.77 million compared to the analyst consensus estimate of $523.30 million, representing a negative revenue surprise of 2.59%.
Titan International reported record yearly earnings of $2.20 per share compared to $0.60 per share in 2021. The company announced yearly sales of $2.17 billion, representing a 22% increase from 2021.
“The Titan team executed at a very high level once again and closed the year by delivering record fourth-quarter results. This strong performance supported annual records for sales, profitability, and cash flow for the full year 2022” stated Paul Reitz, President, and Chief Executive Officer.
Titan International, Inc. is a leading global manufacturer of off-highway wheels, tires, assemblies, and undercarriage products.
According to data from Benzinga Pro, Titan International shares were down 19.7%, trading at $12.16 at the time of publication. The stock has a 52-week high of $19.81 and a 52-week low of $10.81.
Photo: courtesy of Titan International, Inc.
