0000899751-21-000015.txt : 20210319 0000899751-21-000015.hdr.sgml : 20210319 20210319103307 ACCESSION NUMBER: 0000899751-21-000015 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 16 CONFORMED PERIOD OF REPORT: 20210318 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20210319 DATE AS OF CHANGE: 20210319 FILER: COMPANY DATA: COMPANY CONFORMED NAME: TITAN INTERNATIONAL INC CENTRAL INDEX KEY: 0000899751 STANDARD INDUSTRIAL CLASSIFICATION: STEEL WORKS, BLAST FURNACES ROLLING MILLS (COKE OVENS) [3312] IRS NUMBER: 363228472 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-12936 FILM NUMBER: 21756854 BUSINESS ADDRESS: STREET 1: 2701 SPRUCE ST CITY: QUINCY STATE: IL ZIP: 62301 BUSINESS PHONE: 2172286011 MAIL ADDRESS: STREET 1: 2701 SPRUCE ST CITY: QUINCY STATE: IL ZIP: 62301 FORMER COMPANY: FORMER CONFORMED NAME: TITAN WHEEL INTERNATIONAL INC DATE OF NAME CHANGE: 19930403 8-K 1 twi-20210318.htm 8-K twi-20210318
0000899751False00008997512021-03-182021-03-18

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF
THE SECURITIES EXCHANGE ACT OF 1934

Date of Report (Date of earliest event reported): March 18, 2021

TITAN INTERNATIONAL, INC.
(Exact name of Registrant as specified in its Charter)

Delaware1-1293636-3228472
(State of Incorporation)(Commission File Number)(I.R.S. Employer Identification No.)

2701 Spruce Street, Quincy, IL  62301
(Address of principal executive offices) (Zip Code)

(217) 228-6011
(Registrant's telephone number, including area code)


Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligations of the registrant under any of the following provisions:

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act ☐

Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading
Symbol		Name of each exchange on which registered
Common stock, $0.0001 par valueTWINew York Stock Exchange



Item 2.02 RESULTS OF OPERATIONS AND FINANCIAL CONDITION

On March 18, 2021, Titan International, Inc. issued a press release reporting its first quarter 2021 financial outlook. A copy of the press release is furnished herewith as Exhibit 99.


Item 9.01 FINANCIAL STATEMENTS AND EXHIBITS

(d)Exhibits





SIGNATURE


Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.




TITAN INTERNATIONAL, INC.
(Registrant)

Date:March 19, 2021
By:
/s/ DAVID A. MARTIN
David A. Martin
SVP and Chief Financial Officer
(Principal Financial Officer)






 EX-99 2 a2021guidancepressrelease-.htm EX-99 Document

image_01a.jpg    

News Release from Titan International, Inc.         NYSE: TWI


FOR IMMEDIATE RELEASE

March 18, 2020

Contact: Todd Shoot
SVP, Investor Relations / Treasurer        (217) 221-4416

TITAN INTERNATIONAL, INC. PROVIDES
FIRST QUARTER FINANCIAL OUTLOOK

QUINCY, Ill.— Titan International, Inc. (“Titan”) today announced its first quarter 2021 financial outlook.

Titan believes a further update to 2021 expectations is warranted to provide investors with additional information regarding our improving financial performance expectations. Titan currently forecasts first quarter 2021 EBITDA ranging between $23 million to $25 million, excluding currency impacts. Net sales for the first quarter are projected to be in a range of approximately $395 million to $405 million, which represents an improvement of approximately 16% to 19% from first quarter 2020 net sales.

“The primary end-markets we serve, especially Agriculture, continue to evolve in a positive direction. Therefore, we understand it is important to our stakeholders for us to provide further commentary on our current near-term outlook,” stated Paul Reitz, President and Chief Executive Officer. “We finished late-2020 with a strong surge in demand and that momentum has continued to gain further traction to start 2021. This year is clearly on a better path and the actions that we took during 2020 through the pandemic will serve us well in this year of growth. The world is a volatile, and an increasingly uncertain place, and we continue to manage challenges throughout our global business. We are aggressively hiring and training to extend capacity to deliver product to meet current strong demand, while our ability to continue to hire throughout the remainder of 2021 is a key factor in forecasting our sales levels. Also, raw materials and certain production costs continue to rise. We remain confident in our ability to increase prices to offset these costs in a timely manner. As such, our current expectations will be dynamic and we fully expect to provide additional guidance throughout the year, as we gain clarity.”

Safe Harbor Statement: This press release contains forward-looking statements regarding the Company’s outlook for the first quarter 2021. These forward-looking statements are covered by the safe harbor for "forward-looking statements" provided by the Private Securities Litigation Reform Act of

2701 SPRUCE STREET • QUINCY, ILLINOIS 62301 • (217) 228-6011

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, and actual results may vary materially from those indicated or anticipated by such statements. The inclusion of such statements should not be regarded as a representation of such plans, estimates or expectations will be achieved. 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 continued effect of the COVID-19 pandemic on our operations and financial performance; 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.

We are unable, without unreasonable efforts, to provide a reconciliation to GAAP income from our non-GAAP EBITDA outlook due to the level of unpredictability and uncertainty associated with the items comprising EBITDA. For these same reasons, we are unable to assess the probable significance of these excluded items.

About Titan: Titan International, Inc. (NYSE: TWI) is a leading global manufacturer of off-highway wheels, tires, assemblies, and undercarriage products. Headquartered in Illinois, the company globally produces a broad range of products to meet the specifications of original equipment manufacturers

2701 SPRUCE STREET • QUINCY, ILLINOIS 62301 • (217) 228-6011

(OEMs) and aftermarket customers in the agricultural, earthmoving/construction, and consumer markets. For more information, visit www.titan-intl.com.

-END-

2701 SPRUCE STREET • QUINCY, ILLINOIS 62301 • (217) 228-6011
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DE 1-12936 36-3228472 2701 Spruce Street Quincy IL 62301 (217) 228-6011 false false false false false Common stock, $0.0001 par value TWI NYSE XML 10 R1.htm IDEA: XBRL DOCUMENT v3.20.4
Cover Document
Mar. 18, 2021
Cover [Abstract]  
Document Type 8-K
Document Period End Date Mar. 18, 2021
Entity Registrant Name TITAN INTERNATIONAL, INC.
Entity Incorporation, State or Country Code DE
Entity File Number 1-12936
Entity Tax Identification Number 36-3228472
Entity Address, Address Line One 2701 Spruce Street
Entity Address, City or Town Quincy
Entity Address, State or Province IL
Entity Address, Postal Zip Code 62301
City Area Code (217)
Local Phone Number 228-6011
Written Communications false
Soliciting Material false
Pre-commencement Tender Offer false
Pre-commencement Issuer Tender Offer false
Entity Emerging Growth Company false
Title of 12(b) Security Common stock, $0.0001 par value
Trading Symbol TWI
Security Exchange Name NYSE
Entity Central Index Key 0000899751
Amendment Flag false

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