Taylor: Titan team can handle whatever comes their way

Commenting on the “best ever” second quarter that Titan International, Inc. (TWI) reported this year, Morry Taylor has congratulated company president and chief executive officer Paul Reitz and his team on an “outstanding job.” He credits the team with results so good that “the Board of Directors expected that TWI stock would rise, instead of the 16 per cent drop that happened.” TWI has declined in value from US$16.29 per share on 25 August to $12.64 yesterday.

The TWI board chairman also addressed comments from Wall Street analysts which place the recent performance of Titan shares within the framework of market response to world events such as inflation, threats of recession and shortages of food and energy. Taylor stressed that while it may be true that these factors “make for crazy times,” it is important not to forget that “TWI is a market leader in the business of agriculture.”

Taylor states: “Titan’s Board believes there are great opportunities in front of the company for further growth and that the best days for TWI are still ahead. As a reminder, look at the many good things the Titan team has accomplished in recent years including growing the business and increasing margins, along with buying back four million shares, refinancing our long-term debt and expectations to generate operating cash flow near US$100 million in 2022. You would think the shareholders would be pleased.”

Summing up the company’s business in the year that 2022 is shaping up to be, Taylor comments: “TWI started with zero sales and no employees in 1983, that’s 40 years of a strong history. I started in 1973 and have never seen the business like this. No one knows when this is going to slow down, but it’s real hard to see any slowing any time soon. Paul has his Titan team are working hard and delivering great results and I am positive that whatever comes their way, they can handle it.”