Titan International Inc. (NYSE:TWI) Q4 2018 Earnings Conference Call - Final Transcript

Mar 07, 2019 • 09:00 am ET


Titan International Inc. (NYSE:TWI) Q4 2018 Earnings Conference Call - Final Transcript


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Good morning, ladies and gentlemen, and welcome to the Titan International, Inc. Fourth Quarter and Full Year 2018 Earnings Conference Call. (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, Allyson. Good morning and welcome everyone to our fourth quarter and full year 2018 earnings call. On the call with me today, I'm pleased to have our President and CEO, Paul Reitz and David Martin, Senior Vice President and CFO. I will begin with a reminder that the results we are about to review were presented in an earnings release issued this morning along with our Form 10-K, 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 risks, 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 and Events.

Please note, today's call is being recorded and a copy of the call transcript will be made available within the Investor Relations section on our website. I would now like to turn the call over to Paul.

Paul G. Reitz

Thanks, Todd. Good morning. We appreciate you joining us today for our call to wrap up 2018. I'm going to run through the business highlights. Then our CFO, David Martin will go through the financial aspects and then we will provide some additional comments on our recent strategic announcement before concluding with your questions.

To start-off, as you look back at the past couple of years, I firmly believe Titan International and our global team has accomplished a lot. And the proof of that progress is evidenced in our financial results. Our 2018 sales ended over the $1.6 billion mark, and up over 9% from last year. But if you back out the negative impact of foreign currency, we actually had an 11% revenue increase. We moved our sale gains well through into EBITDA, where adjusted EBITDA finished 2018 at $119 million, representing a solid 64% increase over