Titan International Inc. (NYSE:TWI) Q3 2018 Earnings Conference Call Transcript

Nov 02, 2018 • 09:00 am ET


Titan International Inc. (NYSE:TWI) Q3 2018 Earnings Conference Call Transcript


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Good morning, ladies and gentlemen, and welcome to the Titan International Incorporated Third Quarter 2018 Earnings Conference Call. At this time, all participants have been placed on a listen-only mode and we will open the floor for your questions and comments after the presentation. (Operator Instructions). It is now my pleasure to turn the floor over to Todd Shoot, Treasurer and Vice President of Investor Relations for Titan. Mr. Shoot, the floor is yours.

Todd Shoot

Thank you, Cole. Good morning, and welcome, everyone, to our third quarter earnings call. On the call with me today, I am pleased to have our President and CEO, Paul Reitz; and our Senior Vice President and CFO, David Martin.

I will begin with the reminder that the results we are about to review were presented in the earnings release issued this morning along with our Form 10-Q, which was also filed with the Securities and Exchange Commission this morning.

As a reminder, this morning we will be discussing certain forward-looking information, including the Company's plans and projections for the future that involve risk, uncertainties and assumptions that could cause our actual results to differ materially from the forward-looking information.

Additional information concerning factors that either individually or in the aggregate could cause actual results to differ materially from these forward-looking statements can be found in the Safe Harbor statement included in today's earnings release attached to the Company's Form 8-K filed earlier today, as well as our latest Form 10-K and Forms 10-Q, all of which have been 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 be a substitute for the most directly comparable GAAP measures. The earnings release, which accompanies today's call, contains financial and other quantitative information to be discussed today as well as a reconciliation of the non-GAAP measures to the most comparable GAAP measures. The earnings release is available on the Company's website within the Investor Relations section under News & Events.

Please note today's call is being recorded. A copy of today's call transcript will be made available within the Investor Relations section on our website. We're going to start the call this morning with Paul going through some highlights from Titan's business and our markets from the quarter. And David will walk us through an overview of our financial results. I'd like to now turn it over to Paul.

Paul George Reitz

Okay. Thanks, Todd. Good morning, and we appreciate your time in joining us today. As Todd mentioned, I'll start off by talking about some highlights of the business, then turn it over to David. And then, we'll provide some information on the Russian put option before concluding by taking your questions.

So let's jump into the business as Titan had another good quarter of sales growth. This was our seventh consecutive and was led by our earthmoving/construction segment that was up over 15%. Our revenue growth was solid this quarter at 4%, but was hampered