Financial Data and Key Metrics Changes - Revenues in Q4 2024 were $384 million with adjusted EBITDA of $9 million and gross margin at almost 11% [31][32] - Full-year gross margins for 2024 were approximately 14.6%, compared to 9% during the last cyclical low in 2019 [32] - Net debt at quarter-end was $369 million, representing 2.9 times trailing twelve-month adjusted EBITDA [37] Business Line Data and Key Metrics Changes - Agricultural segment gross margins were 9%, EMC margins around 6%, and consumer gross margins were 18%, with the consumer segment being the most profitable due to higher margin aftermarket business [34] - Aftermarket business accounted for more than 60% of sales in the consumer segment, indicating a steady performance through the downturn [34][20] Market Data and Key Metrics Changes - Recent corn prices have risen over 15% year-over-year, reaching levels above $5 per bushel, positively impacting farm income [13] - Brazil is showing increasing demand in both OE and aftermarket channels, with expectations for a strong recovery in the agricultural market [14][15] Company Strategy and Development Direction - The company is focused on expanding its aftermarket offerings across all segments and enhancing customer relationships through a one-stop-shop strategy [17][18] - Innovation in new products remains a cornerstone of the company's value proposition, with ongoing investments in R&D [35][30] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about a cyclical recovery in the agricultural sector, driven by improved farmer sentiment and government support [11][12] - The company anticipates a sequential improvement in sales for Q1 2025, with guidance ranging from $450 million to $500 million [44] Other Important Information - The company recorded a credit to income tax expense of $26 million related to a pre-tax loss in Q4, resulting in an effective tax rate of 143% for the year [39] - The acquisition of CarlStar has enhanced the company's capabilities and product offerings, contributing to a stronger market position [18][116] Q&A Session Summary Question: Insights on cash flow and working capital needs - Management indicated they will assess working capital needs as they typically see a sequential increase from Q4 to Q1, and they aim to calibrate production to meet growth expectations [48][49] Question: Outlook for earthmoving construction and consumer segments - Management noted that earthmoving construction is stable but facing inventory corrections, while the consumer segment has performed well, particularly in the aftermarket [50][55] Question: Positioning for a potential fast recovery - Management emphasized their preparedness to ramp up production and maintain experienced labor, which is crucial for meeting customer demands [84][86] Question: Impact of tariffs on operations - Management stated that current tariffs are not significantly impacting the business, and they have the flexibility to adjust production locations as needed [40][126] Question: Aftermarket versus OEM business size - The company has increased its aftermarket presence to 45% of sales, with a goal to continue expanding this segment [139][141]

For the fiscal year ended December 31, 2024 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Commission file number 1-12936 UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K ☑ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 (Exact name of registrant as specified in its charter) | Delaware | 36-3228472 | | --- | --- | | (State or other jurisdiction of incorporation or organization) | (I.R.S. Empl ...

Financial Performance - Net sales for Q4 2024 were $383.6 million, a decrease of 1.5% from $390.2 million in Q4 2023, driven by declines in agricultural and earthmoving/construction segments[5]. - Gross profit for Q4 2024 was $41.2 million, down from $58.3 million in Q4 2023, resulting in a gross margin of 10.7% compared to 14.9% in the prior year[6]. - Adjusted EBITDA for Q4 2024 was $9.2 million, significantly lower than $38.1 million in Q4 2023[16]. - Net sales for the twelve months ended December 31, 2024, were $1,845.9 million, a slight increase from $1,821.8 million in 2023[28]. - Gross profit decreased to $257.8 million in 2024 from $305.8 million in 2023, reflecting a decline in profitability[28]. - Net income attributable to Titan decreased to a loss of $5.6 million in 2024, compared to a profit of $78.8 million in 2023[28]. - For the twelve months ended December 31, 2024, the net loss was $3,590,000 compared to a net income of $83,706,000 for the same period in 2023[32]. - Net income for the three months ended December 31, 2024, was $1,213,000, compared to a loss of $1,282,000 in the same period of 2023[41]. - Adjusted EBITDA for the twelve months ended December 31, 2024, was $128,108,000, down from $205,229,000 in 2023, reflecting a decrease of 37.5%[41]. Segment Performance - Agricultural segment net sales for Q4 2024 were $157.1 million, down 18.4% from $192.6 million in Q4 2023, attributed to lower global demand[10]. - Earthmoving/construction segment net sales for Q4 2024 were $116.3 million, a decrease of 26.9% from $159.1 million in Q4 2023, due to softer demand in North America and Europe[12]. - Consumer segment net sales for Q4 2024 were $110.1 million, a substantial increase of 185.8% from $38.5 million in Q4 2023, driven by increased sales volumes following the Carlstar acquisition[14]. - The United States market saw a 14.2% increase in net sales for the three months ended December 31, 2024, totaling $183,066,000[41]. - Europe/CIS experienced a significant decline of 25.9% in net sales for the same period, with sales of $99,475,000[41]. Expenses and Cash Flow - SG&A expenses for Q4 2024 increased by 58.5% to $55.7 million from $35.2 million in Q4 2023, primarily due to the Carlstar acquisition[7]. - Operating cash flows decreased by $37.9 million in 2024 compared to 2023, primarily due to lower net income, despite improvements in accounts receivable and inventory management[19]. - Operating cash flow decreased to $141,487,000 in 2024 from $179,350,000 in 2023, reflecting a decline of approximately 21%[32]. - Free cash flow for the twelve months ended December 31, 2024, was $75,863,000, down from $118,551,000 in 2023[42]. Capital Expenditures and Investments - Capital expenditures increased to $65.6 million in 2024 from $60.8 million in 2023, focusing on plant equipment replacement and new product development[21]. - The company reported capital expenditures of $65,624,000 in 2024, an increase from $60,799,000 in 2023[32]. - Capital expenditures for the three months ended December 31, 2024, were $13,306,000, compared to $19,319,000 in the same period of 2023[42]. - Net cash used for investing activities significantly increased to $201,598,000 in 2024 from $56,923,000 in 2023[32]. Debt and Equity - The company ended 2024 with total cash and cash equivalents of $196.0 million, down from $220.3 million at the end of 2023, while long-term debt increased to $553.0 million from $409.2 million[18]. - Long-term debt increased to $552.97 million in 2024 from $409.18 million in 2023, indicating higher leverage[30]. - Titan's stockholders' equity rose to $496.1 million in 2024 from $467.1 million in 2023, showing a positive trend in equity[30]. - Total debt as of December 31, 2024, was $565,445,000, an increase from $518,454,000 as of September 30, 2024[42]. - Net debt increased to $369,471,000 as of December 31, 2024, compared to $291,161,000 at the end of the previous quarter[42]. Research and Development - Research and development expenses increased to $16.5 million in 2024 from $12.5 million in 2023, indicating a focus on innovation[28]. Foreign Exchange and Shares - The company incurred foreign exchange losses of $6,123,000 for the twelve months ended December 31, 2024, compared to $22,822,000 in 2023[39]. - The company reported a foreign exchange loss of $3,785,000 for the three months ended December 31, 2024[41]. - The average common shares outstanding increased to 68,662,000 in 2024 from 62,452,000 in 2023[39]. Upcoming Events - The company will host a teleconference on February 27, 2025, to discuss fourth quarter financial results[22].

Core Insights - Titan International, Inc. reported a decrease in net sales for Q4 2024, totaling $383.6 million, down from $390.2 million in Q4 2023, primarily due to declines in agricultural and earthmoving/construction segments, alongside a 4.3% unfavorable currency translation impact [4][5][6] - The company anticipates a return to growth in 2025, supported by improved net farm income and the success of its 'One-Stop Shop' strategy in the aftermarket [2][3] Financial Performance - Gross profit for Q4 2024 was $41.2 million, a decline from $58.3 million in Q4 2023, resulting in a gross margin of 10.7% compared to 14.9% in the prior year [5][26] - Selling, general, and administrative expenses (SG&A) increased to $55.7 million in Q4 2024 from $35.2 million in Q4 2023, largely due to costs associated with the Carlstar acquisition [6][26] - The company reported a loss from operations of $17.0 million in Q4 2024, compared to a profit of $20.7 million in Q4 2023 [7][26] Segment Performance - Agricultural segment net sales decreased by 18.4% to $157.1 million in Q4 2024, with gross profit down 48.8% to $14.3 million [9][10] - Earthmoving/construction segment net sales fell by 26.9% to $116.3 million, with gross profit down 68.8% to $6.9 million [11][12] - Consumer segment net sales surged by 185.8% to $110.1 million, driven by increased sales volumes post-Carlstar acquisition, although impacted by a 4.6% negative currency translation [13][14] Cash Flow and Financial Condition - The company ended 2024 with total cash and cash equivalents of $196.0 million, down from $220.3 million at the end of 2023, while long-term debt increased to $553.0 million from $409.2 million [17][18] - Operating cash flows decreased by $37.9 million year-over-year, primarily due to lower net income, though effective working capital management partially offset this decline [19][20] Outlook - For Q1 2025, Titan expects sales between $450 million and $500 million, with Adjusted EBITDA projected between $25 million and $35 million [3] - The company anticipates a higher proportion of revenue generation in the second half of 2025, as larger OEMs are expected to complete destocking in the first half [3]

Core Viewpoint - Titan International, Inc. is set to release its fourth quarter 2024 financial results on February 26, 2025, followed by a teleconference and webcast on February 27, 2025 [1]. Company Information - Titan International, Inc. (NYSE: TWI) is a prominent global manufacturer specializing in off-highway wheels, tires, assemblies, and undercarriage products [3]. - The company is headquartered in West Chicago, Illinois, and produces a wide range of products tailored to meet the specifications of original equipment manufacturers (OEMs) and aftermarket customers across agricultural, earthmoving/construction, and consumer markets [3].

Core Viewpoint - Titan International, Inc. has successfully negotiated and ratified new four-year contracts with employees represented by the United Steelworkers, which is expected to enhance employee retention and support the company's growth strategy [1][2]. Group 1: Contract Details - The new contracts are effective immediately and share similarities with previous contracts, incorporating changes that reflect the company's appreciation for employee commitment [3]. - The contracts apply to Titan's operations in Bryan, OH (Local 890), Freeport, IL (Local 745), and Des Moines, IA (Local 164) [1]. Group 2: Company Overview - Titan International, Inc. is a leading global manufacturer of off-highway wheels, tires, assemblies, and undercarriage products, headquartered in West Chicago, Illinois [3]. - The company produces a wide range of products for original equipment manufacturers (OEMs) and aftermarket customers in agricultural, earthmoving/construction, and consumer markets [3].

Financial Data and Key Metrics Changes - Revenues in Q3 2024 were $448 million, with adjusted EBITDA of $20 million and free cash flow of $42 million, indicating a focus on managing working capital during the downturn [30][32] - Adjusted gross margin decreased to 13.3% from 16.4% year-over-year, with ag segment margins at 9.6%, EMC at 8.6%, and Consumer at 22.9% [34] - SG&A expenses increased to $50 million or 11.1% of sales, primarily due to the Carlstar acquisition [35] Business Line Data and Key Metrics Changes - The aftermarket business accounted for over 45% of total revenue, down high single-digits compared to a 25% decline in OEM sales [20] - The Consumer segment showed healthier margins due to a strong mix of aftermarket business, contrasting with the lower margins in the ag and EMC segments [34][45] Market Data and Key Metrics Changes - Farmer incomes in the U.S. remain under pressure, impacting purchasing activity, but there is optimism that headwinds like interest rates and the presidential election will ease in 2025 [21] - The ag market is experiencing a second round of destocking, which is expected to conclude, potentially marking a low point in the cycle for the company [12][21] Company Strategy and Development Direction - The company is focusing on product innovation and expanding its presence in the military market, aiming to regain lost sales from years past [17][51] - Strategic partnerships and expanding the tire and wheel product portfolio are key initiatives to leverage brand strength and distribution capabilities [26][27] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in navigating the current downturn, emphasizing the importance of product development and market adaptability [28][42] - There is a belief that the destocking phase will end, leading to improved sales alignment with market demand in 2025 [68] Other Important Information - The company repurchased over 1 million shares for $8.3 million in Q3 and an additional 8 million shares post-quarter, indicating a commitment to shareholder value [37] - The effective tax rate increased significantly due to foreign tax expenses, with expectations for normalization in future periods [39] Q&A Session Summary Question: Variability in segment performance and Consumer segment margins - The Consumer segment's healthy aftermarket mix contributed to better margins despite lower overall volumes in ag and EMC segments [45] Question: Drivers for the ag market recovery - Crop prices are a significant driver for equipment purchases, with management focusing on product development and market expansion rather than waiting for price increases [47][48] Question: Military contract potential and smaller tire markets - The company sees opportunities to regain military sales and believes that entering smaller tire markets can be beneficial due to less competition in specific niches [51][54] Question: Impact of volume on margins and cost pressures - Volume declines have significantly impacted margins, with some pressure from rising material costs, but the primary issue remains low volume [58] Question: Working capital opportunities - There is ongoing focus on optimizing inventory levels, which are currently heavier than desired, but management is committed to improving cash flow through working capital management [60] Question: Share count guidance - The expected share count at year-end is in the $63 million range due to recent repurchases [76]

Financial Performance - Titan International reported net sales of $448.0 million for Q3 2024, up from $401.8 million in Q3 2023, driven by higher volumes in the consumer segment and contributions from the Carlstar acquisition[6]. - Adjusted EBITDA for Q3 2024 was $20 million, a decrease from $40.5 million in the same period last year, reflecting challenging market conditions[19]. - Adjusted net income applicable to common shareholders for Q3 2024 was a loss of $13.9 million, or $(0.19) per share, compared to an income of $18.4 million, or $0.29 per share in Q3 2023[20]. - The company reported a net loss of $18.199 million for Q3 2024, compared to a net income of $19.663 million in Q3 2023[32]. - Basic and diluted loss per share for Q3 2024 was $(0.25), compared to earnings of $0.31 per share in Q3 2023[32]. - Adjusted net loss attributable to Titan for the three months ended September 30, 2024, was $(13,892) thousand, compared to a profit of $18,404 thousand for the same period in 2023[43]. - EBITDA for the nine months ended September 30, 2024, was $99,805 thousand, down from $166,738 thousand in the same period of 2023, indicating a decline of 40.0%[46]. - Adjusted EBITDA for the nine months ended September 30, 2024, was $118,958 thousand, down from $167,145 thousand in the same period of 2023, reflecting a decrease of 28.8%[46]. Cash Flow and Debt Management - Free cash flow for Q3 2024 was strong at $42 million, allowing the company to reduce net debt to $291 million from $326 million[5]. - Total cash and cash equivalents at the end of Q3 2024 were $227.3 million, up from $220.3 million at the end of 2023; long-term debt increased to $503.4 million from $409.2 million[21]. - Net cash provided by operating activities for the first nine months of 2024 was $132.8 million, down from $140.1 million in the same period of 2023, reflecting a decrease of $7.4 million[22]. - Total liabilities rose to $1,088,670, reflecting a 32% increase from $821,830 at the end of 2023[34]. - Total debt as of September 30, 2024, was $518,454 thousand, an increase from $426,091 thousand as of December 31, 2023[48]. - Net debt as of September 30, 2024, was $291,161 thousand, an increase from $205,840 thousand as of December 31, 2023[48]. Segment Performance - The agricultural segment saw net sales decline by 17.6% to $175.4 million in Q3 2024, primarily due to reduced global demand for agricultural equipment[12]. - Gross profit margin for the agricultural segment fell to 9.5% in Q3 2024 from 17.4% in Q3 2023, attributed to lower sales volume and adverse price/mix effects[12]. - The earthmoving/construction segment reported a 12.1% decrease in net sales to $136.3 million for Q3 2024, impacted by softer demand in North America and Europe[14]. - Consumer segment net sales surged by 303.4% to $136.2 million in Q3 2024, largely due to higher sales volumes following the Carlstar acquisition[17]. - The United States market saw a revenue increase of 44.6% for the three months ended September 30, 2024, reaching $250,567 thousand compared to $173,300 thousand in the same period of 2023[47]. Investment and Development - Capital expenditures for the first nine months of 2024 were $52.3 million, compared to $41.5 million in the same period of 2023, indicating an increase in investment for equipment and new product development[23]. - Research and development expenses for Q3 2024 were $4.199 million, up from $3.167 million in Q3 2023, indicating a focus on innovation[32]. - Titan is focusing on expanding its Low-Side Wall (LSW) technology to a broader range of agricultural equipment, targeting an additional market of approximately 25,000 new tractors annually[2]. - The integration of Carlstar is progressing well, with ongoing efforts to drive growth through product development and cross-selling opportunities[4]. Future Outlook - The company plans to achieve Q4 2024 sales between $375 million and $425 million, with adjusted EBITDA expected to be breakeven to $10 million[5]. - The company will host a teleconference on October 31, 2024, to discuss the third quarter financial results[24].

Financial Performance - Net sales for Q3 2024 were $448.0 million, an increase of 11.5% compared to $401.8 million in Q3 2023, driven by higher volumes in the consumer segment and the contribution from the Carlstar acquisition[122]. - Gross profit for Q3 2024 decreased to $58.8 million, down 11.0% from $66.1 million in Q3 2023, resulting in a gross profit margin of 13.1%, compared to 16.4% in the prior year[121]. - Income from operations for Q3 2024 was $2.8 million, a decrease of 89.6% from $27.0 million in Q3 2023[121]. - Net sales for the nine months ended September 30, 2024, were $1,462.4 million, a 2.2% increase from $1,431.6 million in the same period of 2023, primarily due to increased sales volumes from the Carlstar acquisition[125]. - Gross profit for the nine months ended September 30, 2024, was $216.6 million, or 14.8% of net sales, down from $247.5 million, or 17.3% of net sales in the prior year, attributed to reduced fixed cost leverage and higher material costs[127]. - Income from operations for the nine months ended September 30, 2024, was $50.2 million, a significant decrease from $128.0 million in the same period of 2023, primarily due to lower gross profit[133]. - Net loss for the three months ended September 30, 2024, was $18.2 million, compared to net income of $19.7 million in the same period of 2023, resulting in basic and diluted loss per share of $(0.25)[146]. Expenses - Selling, general, and administrative expenses rose by 47.5% to $49.5 million in Q3 2024, compared to $33.6 million in Q3 2023[121]. - Selling, general and administrative expenses (SG&A) for the nine months ended September 30, 2024, were $140.5 million, or 9.6% of net sales, compared to $102.9 million, or 7.2% of net sales in the same period of 2023, driven by ongoing SG&A from Carlstar operations[129]. - Research and development expenses increased by 32.6% to $4.2 million in Q3 2024, up from $3.2 million in Q3 2023[121]. - Research and development (R&D) expenses for the nine months ended September 30, 2024, were $12.1 million, or 0.8% of net sales, up from $9.4 million, or 0.7% of net sales in the prior year, reflecting initiatives to improve product designs[131]. Market Conditions - The agricultural market is experiencing a slowdown in customer demand, but underlying conditions are expected to support mid- to long-term demand for the company's products[118]. - The earthmoving/construction segment is currently facing a slowdown in OEM demand, but stabilization is expected over the mid to long term due to high mineral commodity prices and forecasted GDP growth[119]. - The consumer market is experiencing a significant slowdown, particularly in the Americas, influenced by inflation, consumer spending, and macroeconomic factors[120]. - The company anticipates continued demand for its products in the mid- to long-term due to factors such as population growth and the replacement of aging equipment[118]. Acquisition and Integration - The company acquired 100% of Carlstar on February 29, 2024, with acquisition-related costs totaling $6.2 million for the nine months ended September 30, 2024[105]. - The acquisition of Carlstar on February 29, 2024, contributed approximately 28.8% and 21.6% to total net sales for the three and nine months ended September 30, 2024, respectively[192]. - Carlstar's total assets represented approximately 12.9% of the Company's total assets as of September 30, 2024[192]. - The Company is currently integrating Carlstar into its internal control over financial reporting process, excluding it from the assessment for up to one year post-acquisition[193]. Cash Flow and Liquidity - Cash flows from operating activities for the first nine months of 2024 were $132.8 million, down $7.4 million compared to the same period in 2023[173]. - The cash conversion cycle increased by 10 days from 100 days in September 2023 to 110 days in September 2024, primarily due to the Carlstar acquisition[175]. - The company reported a net cash outflow of $189.0 million from investing activities in the first nine months of 2024, compared to a $39.7 million outflow in the same period of 2023, largely due to the Carlstar acquisition costing $143.6 million[176]. - Financing activities provided $73.1 million in cash during the first nine months of 2024, driven by $159.6 million in proceeds from borrowings[177]. - The Company expects sufficient liquidity for working capital needs, debt maturities, and capital expenditures through cash flows from operations and global credit facilities[188]. Debt and Capital Expenditures - Long-term debt increased from $396.3 million at the end of 2023 to $493.9 million as of September 30, 2024[182]. - The company incurred $52.3 million in capital expenditures in the first nine months of 2024, up from $41.5 million in the same period of 2023[176]. - Full year capital expenditures are expected to be approximately $65 million to $70 million, primarily for enhancing existing facilities and new product development[186]. - Forecasted cash payments for interest for the remainder of 2024 are between $16 million and $18 million, including a semi-annual payment of $14 million for 7.00% senior secured notes[187]. Tax and Other Income - The effective income tax rate for the nine months ended September 30, 2024, was 114.4%, significantly impacted by nondeductible interest expense and transaction costs associated with the Carlstar acquisition[144]. - Other income for the nine months ended September 30, 2024, was $4.1 million, an increase from $2.4 million in the same period of 2023, driven by a $1.9 million gain from a property insurance settlement[140]. Segment Performance - The agricultural segment reported net sales of $631.4 million for the nine months ended September 30, 2024, a decrease of 19.9% from $788.0 million in 2023[154]. - The earthmoving/construction segment net sales were $467.1 million for the nine months ended September 30, 2024, down 11.6% from $528.7 million in the same period of 2023[160]. - Consumer segment net sales increased significantly to $363.8 million for the nine months ended September 30, 2024, up 216.4% from $115.0 million in 2023[167]. - The gross profit margin for the agricultural segment decreased to 14.2% for the nine months ended September 30, 2024, compared to 17.1% in the same period of 2023[156]. - Income from operations in the agricultural segment fell to $41.7 million for the nine months ended September 30, 2024, down 51.6% from $86.1 million in 2023[156]. - The earthmoving/construction segment reported a loss from operations of $1.9 million for the three months ended September 30, 2024, compared to income of $8.5 million in the same period of 2023[159]. - The consumer segment's profit margin decreased from 20.8% in the nine months ended September 30, 2023, to 19.5% in the same period of 2024, influenced by inventory revaluation step-up associated with the acquisition[168]. Risk and Controls - The Company remains exposed to market risks, including foreign currency exchange rates and commodity price fluctuations, with no material changes since December 31, 2023[190]. - There were no material changes in the Company's Critical Accounting Estimates since the last filing[189]. - No changes in internal control over financial reporting occurred during the third quarter of fiscal year 2024 that materially affected the Company's internal controls[194].

Core Insights - Titan International, Inc. reported strong financial results for Q3 2024, with free cash flow of $42 million and adjusted EBITDA of $20 million, reflecting the company's resilience amid challenging industry conditions [1][3][4] - The company anticipates improving market conditions in 2025 due to recent interest rate decreases and expected clarity on trade policy [1][2] Financial Performance - Net sales for Q3 2024 were $448 million, up from $401.8 million in Q3 2023, driven by higher volumes in the consumer segment and contributions from the Carlstar acquisition [4][9] - Gross profit for Q3 2024 was $58.8 million, representing 13.1% of net sales, down from $66.1 million or 16.4% in Q3 2023, attributed to negative price/mix effects and increased material costs [5][6] - Selling, general and administrative expenses (SG&A) increased to $49.5 million, or 11.1% of net sales, compared to $33.6 million, or 8.4% of net sales in the prior year [6] - Income from operations decreased to $2.8 million in Q3 2024 from $27 million in Q3 2023, primarily due to lower gross profit [7] Segment Performance - Agricultural segment net sales were $175.4 million in Q3 2024, down 17.6% from $213 million in Q3 2023, driven by reduced global demand and unfavorable currency translation [9][11] - Earthmoving/construction segment net sales decreased by 12.1% to $136.3 million, attributed to softer demand in North America and Europe [12][13] - Consumer segment net sales surged by 303.4% to $136.2 million, largely due to higher sales volumes following the Carlstar acquisition [14][15] Cash Flow and Debt Management - The company generated $132.8 million in net cash from operating activities for the first nine months of 2024, a decrease from $140.1 million in the same period of 2023 [19] - Net debt was reduced to $291 million as of September 30, 2024, down from $326 million as of June 30, 2024, reflecting effective working capital management [3][4] Future Outlook - For Q4 2024, Titan expects sales between $375 million and $425 million, with adjusted EBITDA projected to be breakeven to $10 million [3][4] - The company is focused on product development and expanding its market reach, particularly through the integration of the Carlstar acquisition [2][4]