Titan International achieved record annual profitability for 2022 with a net income of $179 million.
"The Titan team executed at a very high level once again and closed the year by delivering record fourth quarter results. This strong performance supported annual records for sales, profitability and cash flow for the full year 2022 and allowed us to deliver on our previously stated outlook," says President and CEO Paul Reitz. "The entire One Titan team's tireless commitment to developing and manufacturing market-leading products, which improve the performance of off-road equipment, positions us for continued long-term growth."
Net sales for the fourth quarter were $509.8 million, compared to $487.7 million in the fourth quarter of 2021.
Titan set cash flow records as well, generating $114 million in free cash flow for 2022.
"As a result of our strong cash flow generation and selective debt paydown, our net debt to full year adjusted EBITDA leverage ratio fell to 1.1 times. Additionally, our cash position increased to $160 million at the end of the year, up $62 million from a year ago," Reitz says. "We are extremely pleased with the strength of our balance sheet, which is a testament to the strategic actions of this management team."
