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October 28, 2014
08:09 EDTTWITitan sees drop in large agriculture equipment sales through 2015 in N.A.
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08:08 EDTTWITitan International reports Q3 adjusted EPS (17c), consensus 1c
Reports Q3 revenue $449.6M, consensus $464.7M. The company said, "Third quarter revenue results were down 10 percent from 2013. The drop in demand for large agriculture equipment sales and larger products used in the mining industry had a significant impact on our business. In addition, as raw material prices continue to fall, price reductions were passed to customers. Steel and natural rubber are the largest raw material components in our business. Prices for these two commodities have been dropping steadily with natural rubber reaching a five year low. The higher SG&A expenses were primarily the result of approximately $4 million of SG&A expenses at the recently acquired facility in Russia. As a result of the strength in the U.S. dollar, Titan incurred approximately a $13.3 million loss in foreign currency, included in other income (loss) in the third quarter primarily due to the translation of intercompany loans on certain foreign subsidiaries dominated in currencies other than their functional currencies."

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