Titan International ( NYSE: TWI ) wobbles between small gains and losses in Thursday's trading after Chairman Morry Taylor said Q3 was "great and on track with sales and profitability," expecting revenues of ~$540M after "typical summer holiday shutdowns in Europe, typical summer plant maintenance shutdowns and normal seasonality."
While the farm equipment maker believes the world is "heading fast toward recession," Taylor said Titan ( TWI ) is "in a great position" given the current market dynamics in farming and "will not be affected by the Big R in a big way... It is a really great time to be producing wheels, tires and undercarriage in the farm business."
"If the inventory of crops do not rise, this market should continue to grow, especially in large farming equipment," the Chairman said. "Since crops are most likely to fall below peak levels this year, 2023 should be another big year for TWI, and 2024 has strong possibilities as well."
Titan International ( TWI ) is experiencing a surge in global demand, and the stock is "an underrated 'new normal' buy opportunity," BehavioralSync writes in an analysis published recently on Seeking Alpha .
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Titan International 'running great' with $540M in Q2 revenues, Taylor says