WEST CHICAGO, Ill., Jan. 20, 2022 /PRNewswire/ -- Titan International, Inc. (NYSE: TWI) ("Titan" or "TWI") today released the following comments from its Chairman of the Board, Morry Taylor.
"The USDA recently published data that that predicted a record number of acres will be planted in 2022. I've spoken to a couple very large equipment dealers, that are also larger farmers, and they have noted that there is a lot of marginal land that with new seeds and fertilizer can now be profitable. If you look at the current corn prices around $6, soybeans near $14, wheat above $7, and cotton at $1.15 ? American farmers are going to be working hard and planting in a big way. The order books at all the major manufactures of equipment are nearly full for 2022 and I believe will continue to be strong into 2023. Another driving factor is that even if farmers have a record harvest in 2022, the overall inventory of grains will still be on the low side. If a farmer cannot make a profit in these markets, then they should find a different career.
"A potentially big kicker in 2022 is growth in the construction sector. The infrastructure bill that passed this past fall should be a big force if the bureaucrats can get it moving. Then, this momentum could keep rolling right through 2023 and into 2024! Everyone should take time to think about what this means for the future in the greatest country the world has ever known. The USA is going to go back to building things and rebuilding our supply chains. The last 30 years America lost a lot of business, the next 30 we will see a lot of that come back. Our best years are ahead if we learn from the mistakes of the last 30 years!
"TWI sent out a press release last week on the Union ratifications at TWI's three U.S. tire facilities. This new contract has incentives for the workforce that are based on rewarding increases in production output. This is a new element in the contracts and is a win/win for the production workers and Titan. An increase in overall production output to meet customer demand along with improvements in plant efficiencies is also a win for our shareholders.
"TWI ended 2021 real strong and the first quarter and will be good coming out of the gate which will lead to a really good year. Our upcoming year-end results will show what a great year 2021 was and how Paul Reitz and the Titan management team have setup TWI well for 2022.
"Titan's fourth quarter earnings will be released in early March. Our revenue will be strong, and at that time we plan to comment further on the strength of the market looking forward into 2022. Yes, it's very nice to see this after the markets of the last number of years. TWI is on a roll and I hope to have some more great news before the end of February. All of us at TWI appreciate the continued support of our many stakeholders. Stay healthy and travel safe!"
Safe Harbor Statement: This press release contains forward-looking statements. These forward-looking statements are covered by the safe harbor for "forward-looking statements" provided by the Private Securities Litigation Reform Act of 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. These risk factors include, but are not limited to the effect of the COVID-19 pandemic on our operations and financial performance; the effect of a recession on the Company and its customers and suppliers; 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; availability and price of raw materials; and levels of operating efficiencies. Additional risks and other factors that could cause actual results or events to differ materially from those contemplated in this release are detailed in the Company's reports on Forms 10-K and 10-Q filed with the Securities and Exchange Commission, especially 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.
About Titan: Titan International, Inc. (NYSE: TWI) is a leading global manufacturer of off-highway wheels, tires, assemblies, and undercarriage products. Headquartered in West Chicago, Illinois, the company globally produces a broad range of products to meet the specifications of original equipment manufacturers (OEMs) and aftermarket customers in the agricultural, earthmoving/construction, and consumer markets. For more information, visit www.titan-intl.com.
SOURCE Titan International, Inc.
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