Titan International Inc. posted a 36% net income gain and a 19% EBITDA increase during the first three months of 2023.
The company's first quarter income totaled $33 million, while its adjusted EBITDA came to $68 million.
"I am pleased to report strong first quarter 2023 results, driven by positive demand in our core end markets and our ongoing commitment to serve our customers at a high level with our market leading products," says Titan President and CEO Paul Reitz.
"The solid financial performance and bottom-line expansion we achieved is a testament to our focus on strategic actions that we have taken in the past few years to transform the company's profitability profile."
"Turning to the bigger picture in the markets we serve, the fundamentals within large ag overall remain in a good position with runway to support future growth at Titan, as large ag is a key segment of our business.
"High farmer income supported by solid prices for corn and wheat combined with lower input costs, as well as high replacement needs for an aging large equipment fleet, are all expected to support continued healthy demand for our products over the mid to long-term time horizon," says Reitz.
"The earthmoving/construction markets are expected to continue in a positive manner this year, given low equipment inventory levels throughout the global construction industry and solid non-residential activity.
"Additionally, mineral commodity prices are at relatively high levels, which also supports growth."
