WASHINGTON — Titan International Inc.'s failure to issue a concrete business forecast for 2023 earlier this week led to a 19.5% drop in the company's stock price.
Speaking at an International Trade Commission (ITC) hearing in Washington today (March 2), Titan President and CEO Paul Reitz said the firm's decision to not issue a forecast was tied to uncertainty about the North American market and management's concerns about the impact of rising imports of OTR tires from India.
Subscribe to Tire Business for more award-winning news and insight.
Titan published its fiscal 2022 results on Feb. 28, stating that it expected 2023 to be an "upbeat year" with a financial performance continuing at a "high level" but without providing specific guidance.
The company's stock lost $3 a share in trading that day, dropping to $12.41 a share at the close of trading. The stock recovered somewhat on March 1, regaining 50 cents, or 4% in value.
During his testimony, Reitz referred to Titan's concerns about rising OTR tire imports from India and that country's having not banned imports of Russian oil products and the potential impact on the production of by-products, such carbon black, which is a key ingredient the production of OTR tries.
