Company expects Q3 adjusted EBITDA of $27 mln to $33 mln
Titan maintains full-year sales guidance of $1.85 bln to $1.95 bln
Overview
U.S. off-highway tire maker's Q2 revenue rose 5.2%, slightly beating analyst expectations
Adjusted EBITDA for Q2 rose 13.3% to $34 mln, gross margin improved to 15.5%
Company cites strong consumer segment growth, Ag sales fell on lower farm incomes, high financing costs
Result Drivers
Consumer segment growth - Consumer segment revenue rose 27% on strong end customer demand in Titan Specialty business
Ag segment decline - Agricultural segment sales fell 5% due to lower farm incomes and elevated financing costs
Working capital improvement - Free cash flow of $26 mln attributed to improved working capital
Analyst coverage
The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 3 "strong buy" or "buy", no "hold" and no "sell" or "strong sell"
TWI•
