Titan International, Inc. (TWI)

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Titan International Inc. (TWI)

2013 Guidance Call

December 6, 2012 4:30 pm ET


Maurice Taylor – Chairman and Chief Executive Officer


C. Schon Williams – BB&T Capital Markets

Alex Blanton – Clear Harbor Asset Management, LLC

Ryan Connors – Janney Capital Markets



Ladies and gentlemen, welcome to the Titan International Incorporated CEO 2012 Goals Conference Call. During the session, all lines will be muted until the question-and-answer portion of the call. (Operator Instructions)

Any statements made in the course of this conference call that state the Company’s or management’s intentions, hopes, believes, expectations or predictions for the future are considered forward-looking statements. Please note that the Safe Harbor statements contained in the Company’s latest Form 10-K and Form 10-Q filed with the Securities and Exchange Commission extend to this conference call and any forward-looking statements involve risks and uncertainties as detailed therein.

At this time, I would like to introduce Titan’s Chairman and CEO, Maurice Taylor. Please go ahead, sir.

Maurice Taylor

Yeah, thank you. Good afternoon, everyone. You wouldn’t be on a call like this if you don’t have already the press release. Just a moment that the main thing I take most of this is that of course we do not look at what our goals are until we have presented the whole management team presented to our Board what they expect the various operating groups to how to perform, and also our sales people and everything else, so this is how I work, that goes into this every time before. And at that point and I get myself involved and we kind of like hash it out whether we think and look at all what we come up with and what I have personally absorbed through it.

So with that, we’re going to turn it over to your questions. Go ahead first.

Question-and-Answer Session


All right, thank you. (Operator Instructions) And our first question comes from Schon Williams. Please go ahead.

C. Schon Williams – BB&T Capital Markets

Hi, good afternoon, Morry.

Maurice Taylor

Good afternoon, Schon. How are you?

C. Schon Williams – BB&T Capital Markets

Very well, thank you. I just wanted to maybe dive into the guidance a little bit. Is there anything you can give us in terms of what gets us to the low end versus what gets us to the high end, are you counting on additional acquisitions or what is going to drive maybe the top end of that guidance number versus…

Maurice Taylor

All right. The first thing is, there is no future acquisitions or divestitures, or anything involved in these numbers, all right. So I think I’ve answered part of your question. The unknown is the situation of what the world so to speak as I tried to say in the guidance I sent out. The Ag is going to maintain, so I don’t think there is any question in North and South America that Ag is going to be equal to if not that have been last year.

We have added quite a bit of a capacity for what we can do and we’re looking very favorably for what that goes. We’ve taken a pretty negative situation in reference to Europe. Europe, we believe the Ag will be out there, but we don’t know at this point, how much the governments are going to be funding, like they’ve been funding for every year for the last 20 years. We’re not that rosy on what goes on in Europe. When you look at other parts of the world, we’ve been making quite a few inroads and it’s also the situation of what we believe we have the opportunity and our new mining service ventures.

Since we have done the acquisition of Titan Europe, we have picked up, now we have locations, physical locations in not only Chile, Peru, we have on then more or so in Australia. I’ll be going to my first visit down there wonderful continent. In the latter part of January, we have numerous locations there now. We also have a new location in South Africa.

Now, what that means is that you have people on the ground there even though they might have been doing exactly what we wish to do in the Titan Mining Service. But what it does mean is that it’s so much easier that you got accounting – that you have the sales. And we take Europe, even though it was on other things, there is no problem with what we wish to do. In fact today as I’m talking to you, there are people from my names that are over there. So we’re really say that for what we can build that.

The other situation is that it’s a known fact that the shortage is that we have seen this past year and back in 2007 are really not a case of a manufacturing shortage in the OTR tires. It’s a supply situation, because your major minds all turnaround and have weight in, all of them have at least pretty close to a year supply, because the haulage tires are if they don’t have them, it won’t be own their stuff.

So they make sure, they maintain a huge inventory. And as you think about it, if they were only doing a six month inventory and then someone got a nervous nail and heard rumors, they just telling, hey put him another six months and it’s one of my Board member would say, that’s chunk change, that chunk change could be collectively $500 million of tires, but when you decide that’s roll it in or purchasing department store, it creates adding to an industry that is not ready for it. And we don’t know what is going to happen on that side reference, the situation of all those physical where we work and that everybody is doing in Washington that work through airways, I don’t think it means anything, but that’s just my personal believe.

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