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- **Revenue Growth**: Q3 revenue in line with guidance, driven by 8% Ag and 7% EMC segment growth.\n- **Profitability**: Adjusted EBITDA up 45% to $30M, gross margin expands 210bps to 15.2%.\n- **Cash Flow Strength**: Free cash flow $30M, reducing net debt to $373M (3.7x leverage).\n- **Segment Highlights**:\n  - **Ag**: Latin American demand and stable aftermarket.\n  - **EMC**: U.S. construction growth, European mining aftermarket.\n  - **Consumer**: 14% QoQ rebound in aftermarket.\n- **Strategic Moves**: Goodyear licensing expansion, Brazilian JV closure.\n- **2026 Outlook**: Ag stabilization with U.S.-China trade deal; EMC growth from infrastructure spending.\n- **Risk Management**: Diversified supply chain mitigates tariff risks.

**【CEO Summary Section】**
- **Revenue Growth and Segment Performance**: Q3 2025 revenue was in line with guidance, with Ag and EMC segments growing 8% and 7% YoY, respectively. Consumer segment rebounded 15% sequentially. Ag segment benefited from Latin American demand, while EMC saw growth in U.S. construction and European aftermarket mining.\n- **Strategic Initiatives**: Expanded Goodyear licensing agreement to include outdoor power equipment tires, driving market response. Brazilian JV (Rodaros) closed, enhancing Ag tire manufacturing capacity.\n- **Market Outlook**: Ag segment expected to stabilize in 2026 with U.S.-China soybean trade agreement and government support for farmers. EMC segment poised for growth due to global infrastructure spending and mining activity.\n- **Competitive Positioning**: Diversified revenue split (41% Ag, 31% EMC, 28% Consumer) and strong aftermarket focus mitigate cyclical risks.\n
**【CFO Financial Commentary】**
- **Financial Highlights**:\n  - **Revenue**: $385M-$410M (Q4 guidance), up 4% YoY in Q3.\n  - **Profitability**: Adjusted EBITDA $30M (45% YoY growth), gross margin 15.2% (210bps expansion).\n  - **Cash Flow**: Free cash flow $30M, reducing net debt to $373M (3.7x leverage).\n  - **Margins by Segment**:\n    - Ag: 13.4% (vs. 9.5% YoY)\n    - EMC: 10.4% (vs. 8.5% YoY)\n    - Consumer: 23% (vs. 22.3% YoY)\n- **Tax Management**: Q3 tax expense $1M (below guidance), expecting $2.5M for Q4.\n- **Liquidity**: Strong working capital management supports debt reduction and strategic investments.\n
**【Q&A Highlights】**
- **Ag Segment Drivers**: Year-over-year growth driven by Latin American demand and aftermarket stability. OEM orders remain cautious, but inventory destocking nears completion.\n- **2026 Outlook**: Ag segment expected to stabilize with U.S.-China trade agreement and lower interest rates. EMC growth driven by global infrastructure spending and mining activity.\n- **Aftermarket Strength**: Consumer segment aftermarket demand resilient, with 14% QoQ rebound. Ag aftermarket supported by farmer financial aid.\n- **Tariff Impact**: U.S. manufacturing assets and global sourcing network mitigate tariff risks.\n- **M&A Strategy**: Open to acquisitions in low-valuation environments, with focus on niche market opportunities.\n- **Military Market**: Targeting U.S. government contracts, though progress slower than desired.\n- **Goodyear Licensing**: New product categories (e.g., outdoor power equipment tires) expected to contribute in 2026.\n- **Asia Performance**: Q3 decline in Asia due to ITM manufacturing timing, not structural weakness.

Titan International, Inc. (TWI) Q3 2025 Earnings Call Transcript

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