Titan Intl misses by $0.32, misses on revs; 2014 management goals published November 25, 2013 have been rescinded
Reports Q1 (Mar) earnings of $0.04 per share, $0.32 worse than the Capital IQ Consensus Estimate of $0.36; revenues fell 6.8% year/year to $538.9 mln vs the $596.99 mln consensus.
- "The first quarter performance fell short of our expectations... Winter's blast affected every factory in the United States with fuels costs up. The aftermarket and OEM farm business declined and OE construction business was also below forecast. The mining business was nonexistent in the first quarter. January and February business was weak. March improved but could not offset the severe declines in the first two months of 2014. Agriculture and construction seems to be improving slightly going forward but a recovery in the mining looks like a long haul. Due to the uncertainty in the markets we serve, the 2014 management goals published November 25, 2013 have been rescinded and are being reconsidered."