Investor Alert

New York Markets Open in:

Key Words Archives | Email alerts

Oct. 7, 2022, 8:40 a.m. EDT

A recession is coming fast, Titan chairman says, and stock market is acting ‘a little crazy right now’

Watchlist Relevance

Want to see how this story relates to your watchlist?

Just add items to create a watchlist now:

  • X
    Titan International Inc. (TWI)
  • X
    S&P 500 Index (SPX)

or Cancel Already have a watchlist? Log In

By Tomi Kilgore

Titan International Inc. Chairman Morry “The Grizz” Taylor said Thursday he believes the off-highway tire, assemblies and undercarriage products maker will have a “great” 2023, as the large-farm-equipment market is expected to continue to grow even in the face of recession.

And make no mistake, Taylor believes a recession is coming, and soon.

That’s different from a month ago, when Taylor said “threats of recessions,” as well as food and energy shortages, made for “crazy times.”

But Taylor assured investors that Titan is “running great” and believes 2023 will be “another great year” given the current market dynamics in farming. With crops likely to fall below peak levels this year, he believes that bodes well for next year.

“[T]here are some companies that can continue to roll along and will not be affected by the Big R in a big way,” Taylor said. “To sum it up, it is really great time to be producing wheels, tires and undercarriage in the farm business and [Titan] is in a great position,” he added.

Titan’s stock /zigman2/quotes/203775211/composite TWI +3.17% , which slipped 0.4% Thursday, has run up 20.5% year-to-date, while the S&P 500 index /zigman2/quotes/210599714/realtime SPX -0.94% has dropped 21.4% this year.

However, that doesn’t mean investors should expect the stock to keep rallying. Taylor noted in September that the board of directors expected Titan’s stock to rise on Aug. 2, after “great” second-quarter results were reported, but the stock tumbled 16.5% that day.

Taylor suggested a reason for that unexpected reaction, and the for the uncertainty in how the stock will perform going forward:

The company is slated to report third-quarter results in early November. Taylor said revenue is expected to be “around” $540 million, after typical summer holiday shutdowns in Europe, typical summer plant maintenance shutdowns and normal seasonality.” The average revenue estimate of two analysts surveyed by FactSet is $544.4 million.

$ 12.70
+0.39 +3.17%
Volume: 332,655
Sept. 20, 2023 4:00p
P/E Ratio
Dividend Yield
Market Cap
$772.17 million
Rev. per Employee
-41.75 -0.94%
Volume: 0.00
Sept. 20, 2023 5:27p

Get news alerts on Titan International Inc. — or create your own.
This Story has 0 Comments
Be the first to comment
More News In

Story Conversation

Commenting FAQs »

Partner Center

Link to MarketWatch's Slice.