Titan International Inc. (NYSE:TWI) Q4 2017 Earnings Conference Call - Final Transcript

Feb 23, 2018 • 09:00 am ET


Titan International Inc. (NYSE:TWI) Q4 2017 Earnings Conference Call - Final Transcript


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Ladies and gentlemen, welcome to the Titan International, Inc. Fourth Quarter 2017 Earnings Conference Call.

[Operator Instructions]

As a reminder, certain statements made in the course of this conference call are considered forward-looking statements for the purposes of the Safe Harbor provisions under the Private Securities Litigation Reform Act of 1995, and reflect the company's or management's intentions, hopes, beliefs, expectations, or predictions for the future. The company's actual results may differ materially from the intentions, hopes, beliefs, expectations, and predictions contemplated in these forward-looking statements and as a result of various factors, including those discussed in the company's latest Form 10-K and Form 10-Q filed with the Securities and Exchange Commission.

In addition, today's remarks may refer to non-GAAP financial measures, which are intended to supplement, but not to be a substitute for the most directly compared GAAP measures. The earnings release, which accompanies today's call, contains financial and other quantitative information to be discussed today, as well as the reconciliation of the non-GAAP measures to the most comparable GAAP measures, and is available within the Investor Relations section of our Web site.

Participating from Titan International on today's call will be Mr. Paul Reitz, Titan's President and CEO; and Mr. Jim Froisland, Titan's Chief Financial Officer and Chief Information Officer. Please note, today's call is being recorded.

At this time, I would like to turn the call over to Mr. Paul Reitz. Please go ahead.

Paul G. Reitz

Thanks. Good morning, everybody. I appreciate you joining us today. I'll start by going through some highlights on Titan's business and then I'll turn it over to our CFO, Jim Froisland, to run through the financial side of the house. And then we'll conclude by taking your questions.

To start with, I think we had a really good finish to 2017. Our fourth quarter sales were up 22% which propelled us to a gain of 16% for the year and saw our total sales landing just under 1.5 billion. I had a business colleague from over 20 years ago that liked to say, Elephant honey typically ends bad for the hunter. So for Titan, it's really good to see that our revenue growth this year came from solid gains across all of our business units and segments. This means we've built a good foundation with our growth and we didn't just simply find ourselves one big elephant. Another point I'd like to make that illustrates the strength of our 2017 growth is that this was the first time since Titan became a public company in 1993 that we experienced sequential growth in all four quarters throughout the year.

I'd like to spend time referencing sports frequently when I talk and I do that because I believe there's a high correlation between winning in sports and what takes place in the business world, the basic premise for success in sports and towards the same goals.

I want to take just [Technical Issues] as our company was facing a super commodity cycle that is coming to